Nation: Economists Eye the Impact

Members of the TIME Board of Economists generally share the growing voter sentiment that the total burden of local, state and federal taxes is too high. But a number of those interviewed favor cuts less drastic on a nationwide basis than those called for in California's Proposition 13, which reduces property taxes by 57%.

"Federal, state and local taxes are still in the vicinity of 30% of the gross national product in this country," says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson. He adds, "Taxes in most...

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