Word: dillons
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Dates: during 1960-1969
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...Question. The proponents of quick tax cuts to get the economy moving were powerfully backed up by expert eco nomic opinion. Fortnight ago, three dozen highly regarded economists from outside Government assembled in Washington to discuss tax reductions with Treasury Secretary Douglas Dillon and his top officials. The economists agreed to a man that the state of the economy demanded them -not next year, but as soon as possible. Says University of California Economist Neil H. Jacoby: "There is general agreement among economists that federal tax rates must come down. The big question is whether there will ever...
Vague Ideal. Behind Kennedy's reluctance to cut taxes this year stand the urgings of Treasury Secretary Dillon, the only Republican in the Cabinet. Dillon feels that a quick cut this year would wreck the Administration's plans for broad reform next year. Treasury experts have been working on the outlines of a reform bill for more than a year. Under present plans, cuts in rates under the reform bill would be steep enough so that the measure would bring overall tax reductions-but some taxpayers now benefiting heavily from special provisions might find themselves owing more income...
...Toboggan. After the Clague flap, the White House ordered that economic pronouncements were to be limited to the top men-Kennedy, Treasury Secretary Dillon, Commerce Secretary Hodges and Chief Economic Adviser Heller. Even then, they were to be made soaringly, and Heller, in Paris for a 20-nation economic meeting, kept a tight lip when questioned about the stock-market slump...
Ever since Wall Street's Blue Monday crash, economic sages ranging from mutual fund managers to Treasury Secretary C. Douglas Dillon have been recalling the late John J. Raskob's half-forgotten rule of thumb (TIME. June 1) that even the stock of a promising company should be priced at no more than 15 times the company's per share earnings. If that ratio held, the warning ran, the Dow-Jones industrial average would have to sink to 540. Last week it fell even farther than that; in five days of almost unbroken decline...
...that there was a need for immediate action-and the most obvious medication was a quick tax cut. On this point, some conservative businessmen found themselves in rare agreement with Minnesota's liberal Senator Hubert Humphrey, who demanded an immediate $5 billion slash in taxes. Treasury Secretary Douglas Dillon opposed any such remedy on the theory that it would interfere with the broad tax-reform program that the Administration has promised for later. Testifying before Virginian Harry Byrd's Senate Finance Committee. Dillon made this decision seem unshakably firm. Asked Byrd: "As the chair understands it, you have...