TAXES: Fight over a Big Raise

FOR the next several years, Washington's economic managers face a dismal three-way choice: raise taxes severely, slash federal spending brutally, or countenance rapid inflation. That is the hard conclusion of a major new study of federal finance by the Brookings Institution, the nation's most prestigious private economic think tank. Release of the study last week immediately sharpened a basic campaign debate over the issues of how much social service Americans should expect from the Federal Government and how heavily they should be taxed to pay the bills.

At present tax rates, concluded...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!