Word: taxes
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Dates: during 1940-1949
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...Republicans, the information was encouraging. But it scarcely changed their plans as the Senate Finance Committee, headed by Colorado's Eugene Millikin, this week set to work on the House tax bill. The 1948 budget, they figured, could safely be cut by $5¼ billion, no more. Next year's revenues were expected to run $2½ to $3 billion over former estimates. Allowing $1 billion for foreign commitments, $2 billion for debt reduction, taxes could safely be reduced by about $3 billion and still leave a comfortable cushion of cash against a possible recession or other eventualities...
Though the overall pattern would remain, harassed taxpayers could expect some rejiggering of the cuts in the various tax brackets-set by the House at 30% on taxable incomes of less than $1,000, 20% on most others, 10½% on incomes over $302,000. Chances were that the House provision making the cuts retroactive to Jan. 1 would be chopped. There was no sentiment for increasing individual exemptions. The Republicans were thriftily saving such potent political medicine...
Robin Hood. Dalton gave the lowest wage group the solace of a cut in income taxes which brought them back to about the 1940 level. The basic rate of nine shillings to the pound (45%) remained. But by lifting the basic exemptions and increasing allowances for dependents, the budget took income tax entirely off about 750,000 low-income Britons. Under the new schedule, a British couple with two children will pay no tax unless they earn more than $28 a week, and they would not pay the 45% rate unless they earned more than $40 a week. The change...
Overtaxed. In Troisvilles, France, Jules Bourcier struggled for weeks with his income-tax report, eventually gave it up, hanged himself...
...education is, in short, in grave danger. Little can be done toward removing this danger unless enough ordinary citizens realize its nature and dimensions, and realize also that it is going to cost a good deal of hard tax money, as well as permanent change of attitude, to buy out of it. Because this issue of MARCH OF TIME describes this predicament tersely and forcefully, it can be incalculably useful if enough people see it, take it to heart...