The Economy: Life Without the Tax Credit

Lyndon Johnson's anti-inflation package unveiled last week (see THE NATION) received a mixed reaction among the businessmen whom it will immediately affect. Most were relieved that the President had finally taken some kind of action to cool the economy. But they also felt that, in an election year, industry had been singled out to bear the main burden imposed by Johnson's request for a suspension of the 7% investment tax credit.

Four years ago, when he was Under Secretary of the Treasury, Henry H. Fowler argued forcefully for congressional approval of the investment tax credit; by this means, businessmen could...

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