Word: pay-as-you-go
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Died. Edward Martin, 87, former Pennsylvania Governor (1943-47) and two-term U.S. Senator (1947-59), a conservative Republican who believed in lower taxes and pay-as-you-go government, put his ideas into sharp effect at the statehouse by turning a $71 million deficit into a $200 million surplus in four years, went on to become the ranking Republican on the Senate Finance Committee and a strong ally of its equally economy-minded chairman, Virginia's Harry Byrd; of a heart attack; in Washington...
First, as part of a long-term program to put corporate collections on a pay-as-you-go basis, the Treasury in April speeded up taxes - increasing by hundreds of millions of dollars the quarterly amounts that corporations had to ante up in 1966. Second, in June, the Treasury ordered corporations to pay their withholding taxes for employees twice a month instead of only at each month's end. While these two actions did not really boost taxes but simply made for earlier payment, they had the cosmetic effect of temporarily making the budget deficit appear smaller than...
...Restoring those taxes would add about $1.2 billion for Johnson's record $112.8 billion budget next year. Beyond that, the President recommended a razzle-dazzle redesign of revenue-collection mechanics that would put an extra $3.7 billion at the Government's disposal next year. The new pay-as-you-go plan would not actually raise taxes, instead would increase the monthly amounts withheld from high-salary paychecks and speed up tax payments from large corporations...
Tartuffe is a black, bitter and biting comedy. At Lincoln Center's off-Washington Square theater, it is being presented as a broad and bouncy farce. Since this repertory group is a learn-while-you-earn company, the pay-as-you-go spectator should not be unduly surprised at still another miscarriage of esthetic justice. The amusing thing about an endeavor of this sort is that it flatters playgoers that they are breasting the cultural deeps, while the production itself merely dips its toes in a dramatic masterpiece...
...this year, and to 48% by Jan. 1, 1965. For corporations with incomes of less than $25,000, the rate will drop from the present 30% to 22% this year, with no further cut in 1965. Corporate-tax collections will be speeded up to put them on a pay-as-you-go basis...