Word: surtaxing
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Dates: during 1960-1969
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...favor continued stringency. Twice since 1966, Martin's board has made major errors in expanding the money supply too much and too soon. The Fed committed its worst error in mid-1968, when it increased the money supply by 14% to counteract the expected deflationary effects of the surtax. That action sharply accelerated the current inflation. Martin now wants to restore his reputation as a sound-money man by making sure that inflation is effectively constrained during his last few weeks in office...
Reform Measures. To cover the revenue loss, the committee approved extension of the surtax at a reduced 5% rate through June 1970, a measure expected to produce $3 billion. It also endorsed, though in a more relaxed form than the House, provisions eliminating some of the more glaring tax inequities...
Committed to prompt extension of the 10% income tax surcharge. Senate Finance Committee Chairman Russell Long promised the Nixon Administration last summer that he would do everything he could to get it through. But Long's fellow Democrats were determined to bargain the surtax for tax reform, and the Louisianian could keep his promise to the President only by making another to them: in return for their votes on the surtax, he agreed to complete action on the House-passed reform bill and get it to the Senate floor...
Harrington also advocated an end to the surtax, an end to inflation, more tax relief, and more money for the cities. Both frugal and lavish, these goals don't mesh too well, but Saltonstall seemed unable to prove...
...President wanted an extension the 10% income tax surcharge as an anti-inflationary measure. He was notably less keen on tax reform at this time. Senate Majority Leader Mike Mansfield warned the President that he could not have the surtax without reform?and managed to impose this view on Finance Chairman Russell Long, a Louisiana Democrat to whom 27½% oil-depletion allowance is most precious the reform-bill cuts the allowance to 20%). As Senate Democrats were squabbling, however, Long's House counterpart, Ways and Means Chairmen Wilbur Mills, who cherishes the House's constitutional prerogative to originate revenue measures...