Word: surtaxes
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Though there are a few signs of a slowdown ahead, the economy so far has resisted all attempts to curb its expansive excesses. Congress belatedly passed a 10% income surtax in June, but production and demand-and prices -only kept moving higher. From November 1967 through last April, the Federal Reserve Board raised the discount rate three times, boosting it from 4% to 5½%, a 39-year high. The board later dropped the rate to 5¼% , but last week, declaring a new assault on inflation, it lifted the rate again to 5½%. Whether the rise will have...
Whatever fiscal measures he finally decides on, Nixon will then have the difficult job of selling them on Capitol Hill. Arkansas Democrat Wilbur Mills, chairman of the House Ways and Means Committee, warned early in the campaign that he would oppose elimination of the surtax "unless additional, very stringent economies are placed in effect." Mills takes an even dimmer view of the President-elect's pet scheme to offer private enterprise tax incentives for tackling pollution control, ghetto job training and slum rebuilding. He argues that such tax breaks would result in "a very material reduction in federal revenue...
These indicators raised expectations that the long-predicted economic slowdown would at last materialize early next year. If it does, says Economist Arthur Burns, Eisenhower's former chief economic adviser and now a key Nixon man, some sort of surtax reduction will be possible. On the other hand, a tax reduction could well touch off a new round of inflation. With the inflation threat obviously in mind, Pierre Rinfret, Manhattan economic consultant and another Nixon adviser, conceded in London last week that Nixon might conceivably have to retain the surcharge, or even raise taxes. "I don't think...
...came out for a 50% increase in social security pensions over the next four years, a boost that would ultimately cost $12 billion a year. Since all that money must come from somewhere, Humphrey is considerably less emphatic than Nixon in asserting that this year's 10% income surtax should expire as soon as the Viet Nam war can be ended...
...Eastman Kodak reported a record second quarter, 14% up despite the new surtax and higher costs. First-quarter earnings were restated as $65.7 million, down $5.5 million from previous figures, due to the surtax. Eastman spokesmen said that "profit margins held up well in the face of rising costs of silver and other materials and in creasing wage rates. The tax surcharge, however, had a decidedly adverse effect on the rate of net earnings...