The Economy: 10% More


Lyndon Johnson was in a cheery, effusive mood, bustling around a blackboard in the White House Fish Room before an audience of reporters, chalking rapid-fire arithmetic with the authority of the schoolteacher he once was. But the lesson, as the President conceded, was "not pleasant."

With defense and domestic spending now running as much as $8 billion higher than his fiscal 1968 budget anticipated last January, the President announced he was sending to Congress a tax package that would impose, at least through 1969, a 10% surcharge on all corporate and individual income taxes. Along with borrowing and belt-tightening...

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