Word: surtaxing
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...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...
...council foresees continued weakening in housing and consumer spending, a moderate $10 billion rise in federal spending, and strong gains in business outlays for new factories. The 10% surtax, along with federal spending restraints, will bring a "significant slowdown" in business during the first half of this year, said the council. The latest figures support that outlook. From November to December, retail sales slipped by 2% and housing starts...