National Affairs: How to Fatten the Herd

Neither major political party would like anything better in this election year than to present itself as the only true friend of the U.S. taxpayer. Republicans are painfully sensitive to charges that the G.O.P. is trying to "fatten the herd by feeding the bulls," i.e., strengthen the economy by tax relief to business rather than to the individual. Democrats, who during years of governmental responsibility suffered the onus of high taxes, are now beginning to enjoy themselves−and they have lined up behind an effort to lower taxes by increasing individual income-tax exemptions.

Last week Treasury Secretary George Humphrey said that the Administration...

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