Tax Relief for Business in Transition Period
The revenue bill passed by the House Oct. II. and now before the Senate, will effect the first general tax reduction since 1929. The pending bill is an interim measure. It will be followed by further reduction and a broader revision of federal taxes next year. The Ways and Means Committee is expected to make tax revision its first order of business at the 1946 session of Congress.
In the fiscal year ended June 30, 1945, the federal government had a deficit of $53,600 million. Before the current tax-reduction program was projected, but after the end of this war, the Budget Bureau estimated that the deficit would be $30,400 million in the fiscal year 1946. The Treasury estimated that, ...