Word: tax-cutting
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...time, Kennedy had talked of tax reform as though it were just as important a part of his program as reduction. Now he made it perfectly plain that reduction, which in itself is reform of a sort, came first-and that overall reform might well be sacrificed. Answering questions from the floor, he said: "If we cannot get the reform, then quite obviously you are going to have to rewrite the package. That isn't our judgment of the best action. But I quite agree that what we need is the tax-cut bill this year, and nothing should...
...Jones industrial average rose 7.19 points, the market clearly showed that it once more sniffed inflation in the air-whether it was really there or not. Spurring the market's expectations were President Kennedy's request for the largest federal budget in history and his tax-cut proposals, which will help spur investment even while they contribute to a near-record peacetime deficit. And the Washington-dictated inflationary settlement of th East Coast dock strike led Wall Streeters to surmise that the brakes were at last off on labor's demands...
...boil: "Tax cutting is not at all the surest and soundest way to a balanced budget; that way is to reduce spending. Too bad the President didn't end his speech about a third of the way through-when he was way ahead with his attractive tax-cut proposals. Instead, he apparently thought it was necessary to tack on a motley assortment of recommendations adding up to a 'domestic program...
...practical choice," he went on, "is not between a tax-cut deficit and a budget surplus. It is between two kinds of deficits-a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy, or a temporary deficit of transition, resulting from a tax cut designed to boost the economy. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future...
...Inevitable" Rise. Hardly had the new-budget news been announced than the Administration started talking about tax-cut goodies to be handed out in 1963. Walter Heller, chairman of the President's Council of Economic Advisers, called for a tax reduction of $5 billion, including a 10% cut in corporation taxes but with the bulk of the cut going to individuals. Treasury Secretary Douglas Dillon followed up with the prediction of a "significant" cut in taxes, adding that since tax concessions already have been given to corporations, "by far the major part" of the new cuts should take place...