Word: surtaxing
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Loose Wires. To cool the "feverish boom," Johnson once again "urgently" asked for prompt congressional approval of a temporary 10% surtax. The measure would take $10 billion out of circulation in the next fiscal year, easing pressure on interest rates and prices. At that, 1968 would hardly be austere. According to Johnson's projection, the G.N.P. would still rise more than 7%, to about $846 billion. Of the total, about 4% would reflect genuine gains, with the remaining 3% attributable to inflation. Without the tax bill's restraining influence, the Administration believes, these estimates would be thrown...
...truck coming from the other direction. After the British pound was devalued, Treasury Secretary Henry Fowler warned that the dollar was next in line for speculative attack. That warning was actually aimed at Congressman Wilbur Mills in an attempt to gain support for the domestic surtax proposal, but its chief result was to further fan speculation and cause a heavy loss of U.S. gold. Last month's unprecedented visit by Treasury Under Secretary Frederick Deming to a meeting in Basel of the Bank for International Settlements, a clubby group of bankers who pointedly exclude government officials, started frenzied rumors...
...been unusually accurate in 22 years of such forecasts, warns that three factors temper optimism about 1968. One is the fact that it is a presidential election year, when the economy often holds up its growth temporarily to await the outcome of the voting. Another is the federal surtax, which the panel expects to come and which will affect both profits and personal spending. The most difficult factor to gauge is defense spending, which is due to rise during the year about $7 billion to $80 billion. Were peace to be negotiated in Viet Nam, the economy would swing...
...November was primarily a reaction to international pressures on the dollar created by the devaluation of the British pound. Many observers saw it also as a domestic signal that the Fed was disturbed by inflationary pressures that continued to rise even as Congress was refusing to pass a surtax. Last week Federal Reserve Chairman William McChesney Martin and his governors tipped another signal that they are worried about inflation. The board ordered an increase in the reserves of its member banks. The order affected about 2,000 banks -those that have demand deposits of over $5,000,000. Under...
Equal Scoldings. The Administration's first reaction to the steel price boost was to use it as further evidence of the need for a 10% surtax. Chief White House Economist Gardner Ackley gave equal scoldings to both labor and management, noting that the steel increase represented "another turn in the wage-price spiral." Speaking at a Washington meeting of the Business Council, President Johnson talked of responsibility: "We know that wage and price changes are inevitable-and desirable-in a free-enterprise system. But those changes must be restrained by a recognition of fundamental national interest in maintaining...