TAXES: In Defense of a Principle

In his first State of the Union message, President Eisenhower promised to return the nation to the sane policy of living within its income, to reduce taxes "only as we show we can succeed in bringing the budget under control." This week the time came to fight for that policy.

In principle, Congress had applauded the President's tax goal. But in an election year, principles are sometimes easily forgotten. Last week the House of Representatives, by an overwhelming 411-3 vote, chopped excise taxes on twelve items (including furs, jewelry, luggage, cameras, transportation) to a flat 10%, at a loss to the...