Taxes: The Christmas Tree Bill

In any ranking of urgent domestic priorities, dealing with inflation is clearly first. For the moment at least, it is more urgent than even the task of providing urban housing or filling other social needs. For that reason, probably the last thing the U.S. needs right now is a tax cut, however popular the idea. A cut would stimulate consumer spending, probably deny the Nixon Administration a budget surplus as a means of cooling off the economy, and throw the whole burden of combatting inflation onto a continued tight-money policy—to the distress...

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