Word: knutson
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...Should the tax reduction of the Knutson Bill be enacted?" will be the topic of the Law School Forum to be broadcast over the ARC networks tomorrow afternoon at 12:30 o'clock. For University listeners the program will be broadcast at 4 o'clock over WCOP...
...Congressman Knutson of Minnesota, meanwhile, continued to shout that the No. 1 business of the special session should...
...vote of 297 to 120, the House this week passed the Knutson $6.5 billion tax-cut bill. Bolstered by 63 Democratic rebels, Republicans piled up a margin large enough to override an expected presidential veto with 19 votes to spare. Democrats didn't have a chance. Just before the final vote, the House had rejected their substitute bill, which would have made up for revenue losses with a new excess-profits...
...Knutson bill would take 7,400,000 low-income taxpayers off the rolls entirely, by raising personal exemptions from $500 to $600. It would also: 1) apply the community-property principle to all states; 2) cut all taxes on a sliding scale from 30% to 10%; 3) provide special exemptions for the blind and the aged...
...counter balance the possible advantages of the tax cut. A period of inflationary trends is the worst time to put more money into immediate circulation, and the best time for the government to pay off the national debt. A cut that induced savings might have some value, but the Knutson Bill frees from 10 to 30 percent of individual taxes for ready spending. And with the already rising prices, little saving is done: 1947's eighteen billion dollar increase in incomes was all spent, and this by itself forced prices up considerably. Of course the economic future...