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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
The U.S. Senate passed a $1,034,000,000 federal excise tax reduction bill on Friday, assuring a billion-dollar yearly cut on items like furs, jewelry, and telephone bills, effective next Thursday. The bill heads to conference next Monday for quick approval before President Eisenhower's Wednesday deadline, despite administration opposition, adding to the $2.9 billion deficit.
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WASHINGTON. (AP) -- A cut of about a billion dollars yearly on a wide range of federal excise or sales taxes seemed assured Friday with Senate passage of a $1,034,000,000 reduction bill.
The cuts will take effect next Thursday.
It was sent to a Senate-House conference which cannot take place before next Monday afternoon, since both branches are in recess until then.
But Sen. Milliken (R-Colo), head of the Senate negotiators, said Tuesday he is confident the conferees will act speedily and rush the measure to President Eisenhower. The deadline for the President's signature is next Wednesday midnight.
Both branches voted identical cuts on many items, so they are certain to be in the final version.
They include furs, jewelry, handbags and luggage, cosmetics, sporting goods, train-bus-plane passenger fares, telephone bills, telegraph charges, mechanical pens and pencils, lighters and electric light bulbs.
Milliken and other Republican leaders predicted the President will sign the bill, although the administration urged against the excise cuts.
The billion dollar loss in revenue will add that much to the $2,900,000,000 deficit already forecast for the new financial year starting July 1.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
Friday
Key Persons
Outcome
a $1,034,000,000 reduction in federal excise taxes, adding $1,000,000,000 to the $2,900,000,000 deficit; cuts effective next thursday; bill expected to be signed by president eisenhower.
Event Details
Senate passage of a $1,034,000,000 reduction bill on federal excise or sales taxes, covering items like furs, jewelry, handbags, luggage, cosmetics, sporting goods, train-bus-plane fares, telephone bills, telegraph charges, mechanical pens and pencils, lighters, and electric light bulbs. Sent to Senate-House conference next Monday; Sen. Milliken confident of speedy action and presidential signature despite administration opposition.