But the Republicans had cut the income tax by about five
billion dollars in 1948, an inflationary trigger. They changed the
inheritance tax to favor the wealthy. Republican leaders, as
Congressman Harold Knutson, Ways & Means chairman, wanted to
lower it even more. In contrast, the President's tax record was
good, having thrice vetoed the Republican tax measures, only to have
the third one passed over his veto. He had wanted first to devote
the Federal revenue to foreign aid and reduction of the war debt
before giving large tax breaks to the wealthy.
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