Word: surtaxes
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...maintain that firm grip even at the cost of greater unemployment. But some of his subordinates have been painfully inept, notably Treasury Secretary David Kennedy, who last week suggested for the second time since taking office that it might be necessary to impose wage and price controls if the surtax were not extended (see BUSINESS). He did this even though the President is firmly and publicly opposed to such a step. Nixon himself, however, is responsible for the Administration's early indecision on the surtax and tax reform. As a result, the tax is tied up in a Senate...
...than take dramatic positions on one side or the other. From all appearances, he is following the politics of zigzag, giving way on one point to gain on another. His surrender on the Knowles appointment, for instance, was motivated in part by the need for conservative votes on the surtax and the anti-ballistic-missile system. There was much talk last week that he was moving to the right. Most of it was premature. When one of the President's top aides was asked whether the Administration was swinging to the right, he replied: "Sure-every other time." Only...
...investors. At the U.N., U Thant reported that fighting along the Suez Canal had erupted into "open warfare." It was the kind of news that Wall Street hates. In the U.S. Senate, Finance Committee Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary David Kennedy put on yet another inexpert performance. At the beginning of the week, he and Federal Reserve Chairman William McChesney Martin met with 24 top bankers and, much to the disappointment of investors, failed...
Nixon's cautious conduct of the surtax fight paid off early in the week, when the House on a 210-to-205 vote approved the Administration's bill to continue the levy for a year and repeal the 7% business investment tax credit. The vote appeared closer than the issue actually was; G.O.P. leaders had been assured by many members that their votes were Nixon's if the measure actually faced defeat on the floor. Minority Whip Leslie Arends marched Republicans in from the cloakroom by ones and twos until he had enough votes...
...done for any bill so far in his Administration, and he thus incurred obligations that he might later find burdensome. Nor is Senate approval of the tax extension by any means certain. A Senate majority probably cannot be collected unless comprehensive tax reform is coupled with the surtax. Nixon was compelled to promise support for a reform bill this year, but whether a combined bill acceptable to all factions in both houses and the Administration can be worked out quickly is another matter. The temporary extension of the surtax expires July...