Word: taxing
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Dates: during 1960-1969
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...outlines of the deal had been clear for some weeks. In exchange for the tax increase that he believes essential to save the economy from inflationary chaos, Lyndon Johnson would submit to massive budget cuts, despite pressing domestic needs. Last week when the package finally came to a vote, the House passed it by a surprisingly comfortable margin of 268 to 150, and only 16½ hours later the Senate, by an even cushier 64-to-16 vote, rushed the measure to the White House, where it awaited certain approval...
...Away. The tax increase was long overdue. Johnson requested a 6% surcharge on personal and corporate income taxes as far back as his 1967 State of the Union address, then failed to press for it. Ten months ago he demanded a 10% increase, but a recalcitrant House coalition, led by Ways and Means Chairman Wilbur Mills, would not yield without parallel cutbacks in Government outlays. Meanwhile, consumer prices were advancing at an annual rate of 4%, more than twice the average of the early '60s. The gross national product was bubbling toward the $850 billion level, up some...
Putting on the Brakes. Though many economists and businessmen considered the drastic measure necessary to check the speed of economic expansion, it has several negative aspects-apart from the extra tax wallop. At a time when job opportunities for the poor must be broadened, unemployment may increase as a result of belt tightening by both Government and private enterprise. With contracts in the steel, shipping and aerospace industries due to expire in the next few months, a wave of serious strikes could brake the economy further. Nor is the rate of consumer-price increases likely to decline for several months...
Nonetheless, the potential long-term benefits are obvious. The federal deficit for the next fiscal year is now estimated at about $7.5 billion, as much as $22.5 billion less than it might have been without the tax bill. As a result, Washington will not have to borrow as much money -good news for those seeking home mortgages or other forms of credit. The entire economy could ease into a more stable growth pattern than has prevailed for the past two years. There may be some disconcerting bumps as things decelerate, but they are likely to be gentle compared...
...filled with wool from Britain and Commonwealth nations, the woolsack traditionally symbolizes the landed gentry that forced King Edward III (1312-77) to concede power to Parliament in return for tax revenues...