Kankakee Valley Post, Volume 18, Number 6, DeMotte, Jasper County, 2 January 1948 — SNYDER IS SUPPORTER OF TAX SLASH [ARTICLE]

SNYDER IS SUPPORTER OF TAX SLASH

Treasurer About Ready To Advise Truman To Urge Levy Cuts Next Year Washington, Dec. 27 Secretary of Treasury John W. Snyder is about ready to advise President Truman to come out for an income tax reduction next year, an informed administration source said today. Snyder reportedly will advocate an increase in personal exemptions and extension of the splitincome benefit to married couples in all states. The decision was reached at a White House conference of high administration officials earlier this week. Until recently, the treasury secretary has led the administration opposition to a tax cut. As yet he has not dropped officially this opposition. But recent treasury tax studies and a speech by Snyder himself have been far less adamant against tax reduction proposals. Truman Opposes Cut. Despite Snyder’s reversal, President Truman is expected to continue, at least for the time being, his opposition to an immediate tax cut, the administration source said. However, Mr. Truman may make a gesture toward tax reduction in his annual state-of-the-union message to Congress next month. This gesture could be along the line of: Some tax reductions are disirable, but let’s wait until inflation is checked and until we see what the Marshall plan costs. Meanwhile, the treasury informally has notified the House Appropriations committee that it is going to need $800,000,000 more to pay tax refunds between now and the end of June, it was learned to- j day. Need Large Fund. . , ! A congressional source said I treasury officials figure they are j going to need better than $2,000,- j 000,000 to meet all the refund de-; mands. For that reason, the trea- j sury will submit a request later 1 for restoration of the SBOO,OOO,- j 000 which Congress lopped from its 1048 fiscal year requests for refunds. Congress allowed $1,254,000,000. Sndyer’s recommendations on increasing personal exemptions j and extending the split-income benefit would be the same in principle as two of the major provisions in the $5,600,000 tax-reduc-tion bill already introduced in the House by Chairman Harold Knutson, R., Minn., of the Ways and Means committee.