Word: dillons
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Dates: during 1960-1969
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Punctually at 10 o'clock, Treasury Secretary Douglas Dillon, clad in befitting banker's grey, marched into the hearing room and, at the urging of newspaper photographers, shook hands and matched smile for smile with Ways and Means Chairman Wilbur Mills. Once the hearing got under way, smiles faded from all faces...
Wary of Deficits. The "primary objective" of the Administration's tax-cutting program, Dillon began, "is to release our economy from the shackles of an overly repressive income tax rate structure so that it can move ahead to full-capacity utilization of its human and physical resources." No sooner had Dillon finished reading a 75-page prepared statement than Wisconsin's Congressman John W. Byrnes moved in to attack. Said Byrnes, top-ranking Republican on Ways and Means: "I believe there are two essential requisites for a tax reduction this year. First, there must be some willingness...
Republican Dillon, a convinced advocate of tax reform, attempted to still such unworthy suspicions. Tax reduction and tax reform, he said, are "inseparable" in the Administration package. The total yearly cost of the tax cuts, when fully in effect in 1965, would by Dillon's estimate come to $13.6 billion. The proposed structural revisions would recover some $3.3 billion-for a net revenue loss of about $10 billion. That, said Dillon, is "the maximum revenue loss that can safely be accepted...
...defense of the bill, Secretary of the Treasury C. Douglas Dillon claimed before the House Ways and Means Committee that charitable donations may actually increase if the proposal is enacted...
...case for combining tax cuts with huge budget deficits, the Administration sent up to the Hill a host of persuasive witnesses, including, besides Gordon, Walter W. Heller, chairman of the Council of Economic Advisers, Labor Secretary Willard Wirtz, Agriculture Secretary Orville Freeman, Commerce Secretary Luther Hodges, Treasury Secretary Douglas Dillon. But committee members seemed far from persuaded. Even liberal Democrats pronounced themselves disturbed about that dizzying $11.9 billion deficit in the President's budget for fiscal 1964 (beginning next July). Heller, for one, argued that the New Frontier's program would lay open...