In his effort to check inflation, Richard Nixon has relied heavily on the extension of the $8 billion-a-year income tax surcharge to reduce the economy's fever. Last week, assured by House leaders that the surtax would be continued into the fiscal year beginning July 1, the President confidently predicted that its impact—and that of other fiscal measures—would be felt in "two or three months." If it is not, he warned, more stringent action will be necessary.
What gave Nixon his confidence was the decision by the House Ways and Means Committee to report...
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