Bad Bookkeeping, Good News

The taxpayer, uneasily stiffening himself for two boosts in taxes this year, got welcome news last week: it will be only one. Treasury Secretary John W. Snyder told Congress that President Truman still wants $10 billion more in taxes immediately, but is prepared to postpone, at least until next January, his request for a second increase of $6.5 billion. One reason for postponement: the Government had expected to be $2.7 billion in the red this June, but instead will show a $3 billion surplus.

With record employment at record wages, income-tax revenues were higher than anticipated by the Government's tax seers. Furthermore (as newspaper readers long ago knew), defense spending will not reach its peak until year's end. And in addition, there had been a helpful $1.2 billion drop in Government spending for farm support and veterans' affairs.

After all this happy news, Secretary Snyder resumed his long-faced expression and reminded Congressmen again that the President still wants that $10 billion more in taxes--forthwith.

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