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Reagan drops suggestion to scrap business tax

Less than 24 hours after he made it, President Reagan has dropped a controversial suggestion that the 46 percent corporate income tax be abolished, the White House said Thursday.

Mr. Reagan had caused a stir when he said in Boston Jan. 26 that the tax was difficult to justify and that a study of alternatives should be undertaken. He had also suggested that corporate income taxes amounted to double taxation, because profits were taxed again after being paid out to individuals as dividends.

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