Magazine content is available exclusively for TIME subscribers.The Congress: Off Its Haunches
At long, long last, the 88th Congress seemed to be getting off its haunches. The House Ways and Means Committee was ready to present its anxiously awaited version of a tax revision bill that could certainly help shape the course of the U.S. economy for quite a while to come. The bill, barring some last-minute hitch, will offer a cut in two steps over a two-year period beginning next Jan. 1 of about $10 billion a year in personal and corporate taxes. It would lower the rate range for individuals from the present 20% -91% to 15% -70% and...
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