TAXES: The Start Down

The V-E day confetti had barely been swept from U.S. streets when Georgia's tax-conscious Senator Walter F. George said a mouthful: taxes should now be substantially reduced—"effective on 1946 incomes, regardless of the status of the war against Japan. Otherwise, we can't make the turn to peace and maintain a high level of production."

Two days later, the potent postwar tax committee (of the Senate and House), of which Senator George is .vice-chairman, started the ball rolling. It handed Congress a carefully drafted plan to ease the backbreaking tax load on corporations....