To tax and to please, said Edmund Burke, is no more possible than to love and be wise. That aphorism applied in the U.S. last week as the 10% federal income tax surcharge went into effect after months of acrimony between the President and Congress. It had long been widely acknowledged that a tax increase was necessary to stifle inflation. The White House excepted, agreement was fairly general that a sizable cutback in government spending was also in order. A $6 billion cut was the congressional price for the tax bill, and...
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