Truman for $40 income tax cut, rise on profits 70 years ago this hour #OnThisDay #OTD (Jan 7 1948)

(Wednesday, January 7, 1948, 1:30 p.m. EST) — In his State of the Union message, U.S. President Harry S. Truman urged Congress today to grant every income taxpayer a $40-cost-of-living credit with an additional $40 credit for each of his dependents, and proposed the recapture of the consequent loss of $3,200,000,000 in Federal revenue by raising taxes on corporation profits (click here to listen to President Truman’s address).

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