Issues in Pending Revenue Legislation
A series of decisions to be taken in Congress during the next few weeks will go a long way toward determining both the total amount of federal tax relief to be granted during this election year and its distribution among various classes of taxpayers. The House of Representatives has already voted a $912 million reduction in excise taxes1 and final enactment of this measure—perhaps with larger cuts—is expected before Apr. 1. A separate bill generally revising the internal revenue code and affording additional tax relief of about $1.4 billion is scheduled for House action in the immediate future.
A third tax relief bill at the present session is a distinct possibility. President Eisenhower said, Feb. 17, that one of the first ...