Word: ept
(lookup in dictionary)
(lookup stats)
Dates: during 1953-1953
Sort By: most recent first
(reverse)
During the preliminaries of the struggle over extending the excess-profits tax. House Speaker Joe Martin outlined the problem in one sentence. Emerging from a half-hour meeting in which he tried to get support for EPT extension from New York's old (77) Dan Reed, chairman of the Ways & Means Committee, Martin reported, in characteristic good humor: "We were only one word apart-he said 'no' and I said 'yes.' " Last week the one-word distinction caught House Republicans in a party-rending conflict between Dan Reed's belief in precedent and principle...
...election in his upstate New York district since 1918, he has never asked a voter to vote for him personally-only for the Republican party. His support comes principally from the rural voters in his district, and yet he was refusing as a matter of principle to extend EPT because he thought EPT damaging to business. Moreover, Reed believed that he was saving the Administration from itself; Treasury Secretary George Humphrey had acknowledged that EPT was a "bad tax," and had defended extension to next January only as a matter of expediency. Reed remembered that a tax cut had stimulated...
...keenly aware that Dan Reed's Ways & Means Committee was the traditionally unchallenged source of all revenue bills. Like all House Speakers, Martin was deeply conscious that his very authority depended on parliamentary precedent and the power of his committee chairmen. He could have ducked the whole EPT issue. But in recent months Joe Martin has discovered a higher loyalty to Dwight Eisenhower, and in that loyalty has developed a sense of leadership which his colleagues had never seen in him before...
Eisenhower pleas to let the committee vote on EPT extension, Martin placed his own prestige on the block for the Eisenhower Administration...
This week Joe Martin called a meeting of top Republicans to consider means of getting past Dan Reed. Dan offered one possible compromise: extend EPT just three months, to Oct. 1, and then cut EPT and personal income taxes together (three months ahead of Administration schedule). The Administration cocked an anxious ear because it looked more and more as if there were no prospect of getting all the way across Reed's bridge...