WASHINGTON, February 17--A "hold everything" order today forced the post-ponement of House legislation to cut income taxes, even as the Senate voted to keep in effect the high wartime tax rates on luxuries, travel and telephone bills.
In announcing the order, Chairman Knutson (R-Minn) of the House Ways and Means Committee told reporters that if Congress falls to slash $6,000,000,000 from President Truman's $37,500,000,000 budget, "it will kill any idea of a 20 percent (income) tax cut."
Knutson declined to estimate when he may not income tax hearings to begin, saying only the matter must wait until the budget issue is settled.
With the Senate apparently ready to hold the budget cutting to $4,5000,000,000 to avoid slashes for the Army and Navy Knutson said that if the lower cut prevails "the tax reduction this year certainly will be something less than 20 percent."
The Senate decision to retain wartime excise rates, on whiskey, beer, fur coats, lipsticks, luggage, admissions, passenger fares etc, was on a simple voice vote. The House had likewise voted to retain them, but because of differences of working, the Senate and House versions will have to be adjusted in conference.
Read more in News
Hammond Honored By Legion of HonorRecommended Articles
-
A Troubled Tax CutOn Feb. 8, President George W. Bush sent a $1.6 trillion tax plan to Capitol Hill. Unfortunately, the proposed tax
-
Faculty Members Endorse Tax Cut But Unsure of Success in Congress"If this tax cut won't go through Congress, then no tax cut will," Otto Eckstein, associate professor of Economics, said
-
Taxing Common SenseSenate Democrats and moderate Republicans are finally showing a little backbone. Last week they halved President George W. Bush’s latest
-
What’s Wrong With Mamaroneck?This time of year always makes me wistful, and not just because I’ll soon be leaving fair Harvard. In less
-
In Email, Garber Criticizes Proposed Tax Plan