Congress and Truman's 1950 Tax Proposals
Controversy Over Loopholes in Revenue Laws
Struggle over President Truman's tax proposals, transmitted to Congress in a special message on Jan. 23, appears likely to center mainly on the question of closing loopholes in the revenue laws. Opposition to raising corporation taxes is almost as strong as the sentiment for reducing excise taxes. Hence there may be no determined effort by the majority leadership to carry out the Truman request for rate increases to produce $1 billion of additional revenue.
The President, moreover, made his unusual threat of a veto,1 not in that part of the Jan. 23 message recommending tax increases, but in the section in which he said that the recommended excise relief depended on making up losses in ...