Word: taxing
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Dates: during 1960-1969
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Threatened Fabric. Most Europeans regard U.S. willingness to raise taxes as the gauge of its resolve to put its fiscal affairs in order. Technically, budget and payments deficits can be curbed by any combination of higher taxes and lower spending that bites deep enough. Since last fall, the impasse between Congress and the President over the mixture has thwarted meaningful action. Now there are a few signs of movement. Two weeks ago, Johnson offered to trim his budget request for fiscal 1969 by $9 billion-but only if Congress approves his plea for a 10% income-tax surcharge to siphon...
...price tag jumped to $20 billion, then to its current $30 billion. "Our country is overcommitted at home and abroad," warned Robert Roosa in 1966, not long after he resigned as Treasury Under Secretary for Monetary Affairs. Even that year, Johnson might well have persuaded Congress to enact more taxes. Instead, the Administration devised packages of restrictions limiting the uses to which American citizens could put their dollars abroad. First came a tightening of President Kennedy's "voluntary" restraints against bank lending and corporate investment; finally, last January, came outright controls on capital and a controversial plan to tax...
Then, too, there is always the matter of a tax increase, a measure widely demanded as a sign of U.S. economic discipline necessary to remedy the gold drain. President Johnson has long since asked for a 10% surtax. This means that an unmarried taxpayer who, with an eye toward April 15, has figured this year's federal tax due on $10,000 at $1,742 would next year owe an additional $131, based on a higher tax tor nine months. So urgent has the tax issue become that Washington has begun to talk about returning to the higher schedules...
Without a tax hike, the Treasury-which already spends 10.8% of national expenditures on interest payments-will have to borrow more money. This would make money available for private and corporate loans even more costly and difficult to get. Since Congress has shown no inclination to go along with a tax increase until the Administration has slashed nonmilitary spending, President Johnson two weeks ago agreed to a reduction of as much as $9 billion in his budget. Such a cut would affect foreign aid, the space program, the supersonic jet, and some or all of $1.5 billion in the highway...
Because the U.S. balance of payments problem is crucial to the gold crisis and because U.S. tourists abroad spend $2 billion more a year than foreign visitors spend here, the Administration has urged a tax on travel outside the Western Hemisphere. The tourist-class wanderer this summer may find his trip to Europe costing an unexpected $100 in taxes. And if the gold crisis flares again, he may find that foreign hotels and banks will-as they did two weeks ago-refuse to accept his dollars or cash his traveler's checks until they feel more confident about...