Last November, Secretary Mellon proposed a plan for tax reduction — first edition. Subsequently the Ways and Means Committee revised the bill and approved it with not many major changes — second edition. The House itself then got to work on the bill and made some considerable alterations, including the Longworth surtax rates (graded up to 37½%). Then the House passed the bill — third edition. Last week the Finance Committee (of the Senate) completed work on the bill and left it again in altered form — fourth edition.
There will probably...