Word: tax-cutting
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Johnson's program did not include tax cuts, but Illinois' Paul Douglas, fresh from firsthand conversations with Chicago's unemployed, filled in the gap by hoppering a bill to trim personal income and excise taxes by $4.4 billion. Over in the House, Texas' Speaker Sam Rayburn, despite his own opposition to tax cuts, ordered lieutenants to get a tax-cut bill drafted in case the economy fails to pep up in early spring. And for all his confidence in ultimate prosperity, Richard Nixon put the Republicans within leaping distance of the tax-cut bandwagon. Said...
...least an extra billion or two for defense. That prospect is all the more complex because 1) the national debt is already scraping the legal debt ceiling ($275 billion), and 2) the 1957 recession will almost certainly shrink the Government's predicted tax returns, will also probably warm up tax-cut sentiments. To arrive at a balanced budget for fiscal 1959, the Administration will somehow have to chop nondefense spending in the face of undiminished public demand for federal services and subsidies; to meet the demand for services as well as the need for defense spending, it may well...
...Reed calling the play, the House Ways & Means Committee (voting 21-4) approved a tax bill without even bothering to hold hearings. It was H.R.-1 Committee Chairman Reed's bill to cut individual income taxes about 10% effective July 1. But both the House and Senate leaders (with White House blessing) were prepared to roadblock H.R.-1, and any other tax-cut bill, at least until mid-May-when the budget picture will be clearer...
...Harold Knutson, chairman of the Ways & Means Committee, whose 32 years in Congress had lulled him into thinking he could never be beaten. Marshall, who had been Minnesota's Farm Security administrator for six years, picked up Harry Truman's line, argued that Knutson's 1948 tax-cut bill was "a rebate to the rich...
...vote of 297 to 120, the House this week passed the Knutson $6.5 billion tax-cut bill. Bolstered by 63 Democratic rebels, Republicans piled up a margin large enough to override an expected presidential veto with 19 votes to spare. Democrats didn't have a chance. Just before the final vote, the House had rejected their substitute bill, which would have made up for revenue losses with a new excess-profits tax...