AGAIN VETOED
TAX REDUCTION IN U.S.A. (Rec. 11.0) WASHINGTON, July 18.. President Truman to-day for the second time, vetoed the Republican Income Tax Reduction Bill. He warned that such reductions might have an adverse effect on commitments under the Marshall Plan. The President said: “Our responsibilities for international rehabilitation have an important bearing on our efforts to secure a lasting peace. The recent refusal of certain nations to join in the common endeavours to establish conditions of world stability increase-s the difficulty of our tasks and exposes us to greater risks. Until we are better able to estimate the cost of our investment in world peace, it is unwise to make a large cut in the Government income.’
When the time came to reduce the tax burden, it should be done on a basis that would be fair to .the 'low as well as to the high income groups, he declared. The present tax reduction bill was premature, faulty and inflationary, and would increase the danger of business recession. The House is capable of overriding the veto, as the measure was passed by the ample majority of 302 to 112, but the Senate was two votes short of the required two-thirds majority. It is therefore expected that the veto will be sustained.
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Bibliographic details
Ashburton Guardian, Volume 67, Issue 237, 19 July 1947, Page 5
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212AGAIN VETOED Ashburton Guardian, Volume 67, Issue 237, 19 July 1947, Page 5
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