Word: tax-cutting
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President Kennedy decided weeks ago that a quick tax cut was needed to pep up the sluggish U.S. economy. Most of his economists, including Walter Heller, chairman of the Council of Economic Advisers, urged him to call for a cut. Yet last week, when he appeared on national television to explain his policy, Kennedy came out not with a tax-cut proposal, but rather with a statement that emergency tax legislation "could not now be either justified or enacted...
...preamble to a discussion of "The Tax-Cut Decision" [July 20], the point is made that President Kennedy "made up his mind to test after the Russian blasts began, then waited to announce U.S. resumption until almost every segment of the nation was behind his decision." Is it not painfully obvious that he used every available facet of Government propaganda as well as an easily duped Fourth Estate to convince people that "there was no other choice"? GEORGE A. RICHTER JR. Abington...
Full of Hazards. Such a legislative course is full of hazards, but they are hardly greater than the hazards of letting tax-cut talk go on too long without a public decision by the Administration. Continued talk about tax cuts without any action simply creates more uncertainty about the state of the economy. If Kennedy hopes to quiet that uncertainty, he must soon call an end to the discussion and announce either that he wants a tax cut and will try for it, or that the economy is healthy enough so that it does not need...
...Administration as quickly as possible that we ought to have, or that we are going to have, a tax overhaul." Shortly afterward, one of the officials who had attended the White House meeting got back to his office and found a wire-service report on Hodges' statement. Said he derisively: "Guess what I've just picked off the wires?" Near week's end, Minnesota's Democratic Senator Hubert Humphrey vociferously joined Hodges out on the tax-cut limb...
With one bold thrust, Anderson undercut the tax-cut advocates in both the Administration and Congress: he worked out with Rayburn and Johnson an informal understanding that neither side would push for a tax cut without first discussing it with the other side. That understanding, dubbed the "Treaty of the Rio Grande," effectively fenced off the tax-cut issue from partisan politics. Despite widespread clamor, there was no tax cut. The U.S. soon began to pull out of the recession. Anderson believes this was one of the key economic-policy victories of U.S. history...