Word: taxing
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Dates: during 1960-1969
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...weeks ago, the President bitterly attacked Congress for its inflationary tendencies and threatened to veto the "Christmas tree" tax bill. Last week he added the massive Labor and Health, Education and Welfare appropriations bill and a relatively minor coalmine-safety bill to his possible veto list. Said Nixon in a letter to Republican congressional leaders: "I cannot at this critical point in the battle against inflation approve so heavy an increase in federal spending...
...safety bill despite his threat. Though Congress appropriated $19.9 billion for HEW-roughly the amount Nixon requested-an additional $1.1 billion in spending is almost certain to be added later. Thus, the move was not likely to influence Nixon. Similarly, though a number of ornaments were removed from the tax bill that emerged from a rough-and-tumble Senate-House conference, too many were retained to please the President (see following story...
...tax bill worked out by a Senate-House conference in a series of exhausting 16-hour sessions last week provides plenty of tax relief but relatively little in the way of long-term reforms. What started out as an effort to close tax loopholes turned into a tax-cutting binge designed to win friends for Congress in an election year...
...short run, the bill will increase federal revenues. Eventually, however, as tax reductions take effect, federal intake will decline sharply, creating what one Treasury man calls "the revenue crunch of the '70s." The bill represents a Democratic attempt to win the affections of Nixon's middle-class constituency by offering ample benefits to middle-income taxpayers. A couple with two children and a $10,000 income, for example, will save $209 by 1973; the same family earning $25,000 would gain $172. Says one Senate Democrat: "What we are fighting for is suburbia." Former Budget Director Charles Schultze...
Among the key provisions of the proposed tax bill...