Some 3,000 members of the National Association of Manufacturers met in Manhattan last week to talk about business under the Republican Administration. Having racked up a record year in output, it was small wonder the manufacturers thought that doing business under the G.O.P. was just fine. But they were soon reminded that the new Administration can wave no magic wand to wipe out taxes and Government deficits.

"Additional tax reduction is desired by everyone," said Under Secretary of the Treasury Marion Folsom, onetime treasurer of Eastman Kodak and longtime NAMster in good standing. "But taxes can be reduced further only as...

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