Taxes: Cut First, Reform Later

Everybody was talking tax cut, and few more emphatically than the President's Advisory Committee on Labor-Management Policy, a 21-member group including Labor Secretary Willard Wirtz and Commerce Secretary Luther Hodges. Said the committee last week: "The U.S. can and must improve its recent record of economic progress. Economic policy should be directed at strengthening the expansionary powers of the economy. Our objective should be twofold: in the short run we must increase total demand for both consumption and investment; in the long run we must achieve a more rapid rate of growth of our productivity capacity. The main tool...