Word: surtaxing
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Dates: during 1960-1969
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...move that was widely interpreted as a portent of a serious credit crisis. The next day, the Government's top economic policymakers managed to sound downright alarmist as they made a rare joint appearance at a Washington press conference to plead for an extension of the 10% surtax on personal and corporate incomes. That tax, which is due to expire June 30, is designed to fight inflation by reducing demand and increasing the Government's budget surplus...
...months and then halve it for the following six months. Treasury Secretary David Kennedy said: "This will do the job." House Ways and Means Chairman Wilbur Mills, who feels that Nixon's economy efforts to date have lacked conviction and impact, argued that any reduction of the surtax would be "an egregious error...
Beyond the extra $1.8 billion a year in spendable income that Americans stand to retain if the surtax is reduced, only a few of Nixon's reforms would benefit the middle-income taxpayer. To help the poor, the Administration proposes a "lowincome allowance." It would reduce the taxes now paid by the 5,300,000 Americans (of a total of 26 million) whose annual incomes are near the official poverty line ($3,535 for a family of four). Some 2,000,000 families would be excused from taxes altogether. Above the poverty line, low-income persons and families would...
...flexible enough to seek out the right course and attempt to follow it. The doubt, of course, is whether he can perceive the right. He said last fall he would be a fresh wind in Washington, and he has not been quite that. He said he would drop the surtax. He has not been able to. He promised peace, and the war goes...
...economic problem is still inflation-a fact that was underscored last week by a Government survey predicting an increase in capital spending of nearly 14% in 1969, compared with only a 4% gain last year. To fight inflation, the Nixon Administration intends to extend the surtax, keep money tight and aim for a slight budget surplus-much the same policies that Lyndon Johnson pursued in his last days as President. Nixon will undoubtedly try to dispel the common belief that Republicans are irrevocably probusiness, especially since his overriding domestic goal is to "bring together" a nation that is already rent...