The Economy: How Much Tax?

"There is a time and a season for everything," intoned Treasury Secretary Henry Fowler, echoing Ecclesiastes. "Now is the time and the season for this tax increase." Members of the House Ways and Means Committee did not exactly greet Fowler's message as Holy Writ. Their refractory mood was shared by most of their congressional co'leagues. With constituents' mail all but unanimously opposed to President Johnson's proposed 10% surcharge on corporate and personal income taxes, Capitol Hill was loudly unconvinced of the Administration's economic and political sagacity in seeking a tax boost this fall.

Marching before the Ways and Means Committee...

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