Word: taxes
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Dates: during 1940-1949
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...Dazzled by the late Franklin D. Roosevelt, whom he met in wartime, President Tubman wants to give Liberia's lagging political institutions a new deal, has already sponsored such progressive measures as votes for women and an income tax. Ranging far from his capital, Monrovia, Tub man keeps an eye on district commissioners and frontier forces, sometimes sacks them for "malfeasance, misfeasance and unfeasance...
...Liberals have found a new hero. His name is Douglas Charles Abbott, Minister of Finance. In his maiden budget speech last week, Abbott endeared the party to more than, 2,000,000 income-tax payers with a cut averaging 29%. At the same time he jumped into favorite's place in winter-book betting as a successor to William Lyon Mackenzie King...
...each item of good news, Liberals slapped their desks and Mackenzie King beamed more broadly. But Abbott, like Santa Claus pointing to a bag stuffed with presents, kept his audience waiting for long minutes before he loosened the drawstrings and displayed his prize package: a new schedule of income-tax rates under which "the average amount of tax will be reduced by about 29%. . . . The reduction . . . is as much as 54% in the bottom bracket, but is limited to about 6% or 7% in the top brackets." Half of the relief will apply on 1947 incomes, since reductions go into...
Bearer's Scheme. Abbott's tax schedules are cunningly contrived to meet this border competition. But only in the lowest brackets are they below current U.S. rates (see box). Farther up the scale, they still take more from the pocket than does the U.S. Treasury...
Then up stepped New York Financial Consultant John W. Hanes, onetime Under Secretary of the Treasury under Franklin Roosevelt, and chairman of the Tax Foundation, a big-business tax-research group. Witness Hanes declared that present tax laws added up to "foolish and dangerous discrimination against those with managerial ability." Pooh-poohing Government figures, he declared that the Treasury surplus would be large enough to enable the U.S. to have substantial tax cuts and substantial debt reduction, too. What Congress had to do, said Hanes, was to cut federal spending...