Word: snyders
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Dates: during 1950-1959
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...taxpayer, uneasily stiffening himself for two boosts in taxes this year, got welcome news last week: it will be only one. Treasury Secretary John W. Snyder told Congress that President Truman still wants $10 billion more in taxes immediately, but is prepared to postpone, at least until next January, his request for a second increase of $6.5 billion. One reason for postponement: the Government had expected to be $2.7 billion in the red this June, but instead will show a $3 billion surplus...
When the U.S. Treasury and the Federal Reserve Board patched up their long feud a fortnight ago, the peacemaker was Assistant Secretary of the Treasury Wiliam McChesney Martin Jr., 44, onetime Joy wonder of Wall Street and the Fair Deal. Because both Treasury Secretary ohn W. Snyder and Federal Reserve Chairman Thomas B. McCabe had taken such well-entrenched positions that neither could beat a graceful retreat, Snyder had asked Martin to help work out a compromise...
...solution which Banker Martin persuaded Snyder to accept was a victory for the FRB, since it established higher interest rates and a flexible policy in "pegging" the prices of Government bonds (TIME, March 19). With those points won, Tom McCabe decided that now was a good time to get back to running his Scott Paper Co. in Chester, Pa. He resigned. President Truman last week named apple-cheeked Bill Martin (subject to Senate confirmation) to the $16,000-a-year...
Would the appointment of a Treasury man cost FRB its victory and make it a captive of the Treasury? Those who had fought Snyder's cheap-money policy did not think so. From his childhood, Bill Martin has been steeped in the tradition of FRB independence. His 76-year-old father, now a St. Louis lawyer, had helped Carter Glass write the Federal Reserve Act of 1913, had long served as president of St. Louis' Federal Reserve Bank. "Bill Martin," said one of his friends, "was literally raised in the Federal Reserve System...
What About the Little Man? There is no doubt that the sales tax is "regressive," i.e., hits harder at the lower incomes. But as Secretary of the Treasury John Snyder has emphasized, the bulk of the new taxes must come from the lower incomes. Not enough additional taxes can be squeezed from corporations and higher income brackets. Said the National City Bank of New York last week: "Even if the Government took the drastic and destructive course of taxing away all income over $25,000 a year the yield would be less than $1 billion a year above present taxes...