Word: surtaxable
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Then, too, there is always the matter of a tax increase, a measure widely demanded as a sign of U.S. economic discipline necessary to remedy the gold drain. President Johnson has long since asked for a 10% surtax. This means that an unmarried taxpayer who, with an eye toward April 15, has figured this year's federal tax due on $10,000 at $1,742 would next year owe an additional $131, based on a higher tax tor nine months. So urgent has the tax issue become that Washington has begun to talk about returning to the higher schedules...
...return, L.BJ. wants higher taxes. The Administration, since summer, has asked for a 10% surtax on incomes in order to ease inflation. To convince Congress that the surtax is urgent, Fowler and Martin spent much of last week on Capitol Hill. Fowler described the surtax as a "war tax," said that the Administration was even willing to raise taxes back to their levels before the 1964 reduction. The move would real ize $22 billion, rather than a previously estimated $10 billion...
...fact, one White House aide said that Johnson planned no new programs as a result of the report. "We've gone about as far as we could possibly go," he said. "Anything more and we wouldn't have a prayer of getting Congress to enact the surtax." Yet there are times when the President must galvanize a nation's conscience and will -and this is clearly one of them...
Treasury Secretary Henry Fowler has time and again warned that the inflationary perils of an "overheating" U.S. economy make the Johnson Administration's proposed 10% surtax urgently necessary-and, to buttress his case, he likes to point out that consumer prices have been increasing at an annual rate of 4%. But Martin Gainsbrugh, chief economist for the National Industrial Conference Board, makes a very different point. Noting that the Federal Reserve Board's index of factory, mine and utility production declined in January, Gainsbrugh said last week: "If you have slack in the industrial capacity...
...prefers higher taxes to tighter money, because the latter tends to draw funds out of stocks into higher-yielding, fixed-income investments-which is what happened late in 1966. When President Johnson-whose every major pronouncement causes the market to react, and often to overreact-called for a surtax early in 1967, he helped the market to spurt. Professionals figured that if taxes rose as an anti-inflationary measure, the Federal Reserve's Chairman Martin could loosen up a bit on money and interest rates. But the market went down whenever opposition to the surtax was voiced by Congressman...