Word: tax-cutting
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...there was any doubt about his political intent, it was exploded by one big switch in his political philosophy. After having twice vetoed Republican tax-cut bills, the President suddenly offered a tax-reduction plan of his own. He proposed a flat $40 tax cut for every taxpayer (and each dependent), to be balanced by in creased corporation rates (from 38% to approximately 50%). The President's plan would not change the total of existing revenues. But it would give some tax relief to low-income taxpayers (who vote), and take it out of the hides of corporations...
Harry Truman had thus provided himself with two campaign lines for 1948. Either could be used, depending on the political weather. If the world situation is sunny next January, Harry Truman can recommend his own tax-cut measure and get the credit for it in an election year. His crisis line could be taken as a tip that Harry Truman is also ready for dirty weather, prepared to treat 1948 as a short-of-war year, a time to face up to the threat of World War III and no time to change White House horses in midstream...
...last week, the 80th Congress plodded along in the heat at dogtrot pace, breaking into sprints only when it came to political alleys. The Republican majority was still out to twist the President's tail (TIME, July 14), and Harry Truman's veto of the revived tax-cut bill did not cool any tempers. Senate Republicans brought up a measure to investigate Attorney General Tom Clark's handling of a matter close to Harry Truman's home voting booth. The author of the resolution, Missouri's Senator James...
...Tax-out opponents, meanwhile, prepared to meet another GOP onslaught as the Republican leaders readied their new four-billion dollar tax-cut bill for a vote in the House today. Yesterday, the House unanimously approved a bill permitting holders of GI terminal leave pay bonds to cash them after next September 1. Congress also heard a message from President Truman, asking it to solve the "tragic problem" of Europe's displaced persons...
...must by law,* the House first picked up the challenge flung by Harry Truman. Its first item of business was the President's veto of the tax-cut bill (TIME, June 23), which House Republicans were determined to override. They got a shock. Democratic Leader Sam Rayburn had done a fast job of rounding up diffident Democrats. He had also corralled two rebel Republicans-Wisconsin's stolid ex-Progressive, Merlin Hull, and Minnesota's sharp-faced Carl Anderson. When the vote was counted, and breathlessly recounted, Hull and Anderson represented the margin of Administration victory. If they...