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What is LIFE 1962 No 53#5 about?

T. he word is around in Washington that the President would like to ask for a tax cut before the middle of August but is worried about how Congress will react. Congress is indeed jumpy about the issue because up to now there has been no grass-roots clamor from the voters for a tax cut. Senate Finance Chairman Byrd, a budget-balancer from way back, is dead against it, and he has some unusual company. Pennsylvania's Senator Clark, a "liberal" Democrat up for re-election, opposes a tax cut now and says, "I'm for a balanced budget." It's fine news that Senator Clark and so many others are for a balanced budget, and it suggests that the U.S. may be at a big turning point in economic policy. There is more public interest in such policy than at any time since the Depression. Almost everybody agrees our tax structure is indefensible. If the principle that high deficits are also wrong has become politically popular, the way may be opening up for a real attack on federal expenditures, now running at \(20 \%\) of the national income. Such an attack must underlie any comprehensive tax reform. Income taxes, corporate and personal, are too high. They are way out of balance and have been for year

Who reads LIFE 1962 No 53#5?

Published

1962

Language

EN

Category

magazine