THE ECONOMY: Chorus for a Tax Cut

As doubts increase that the Nixon Administration will achieve its goal of a $1,065 billion gross national product this year, the debate is heating up over whether the Government should change policy and use its fastest-acting economic stimulant: a tax cut. Congress last week put more money into consumers' pockets by voting a retroactive 10% increase in Social Security benefits but postponing until next year a boost in Social Security taxes. Beyond that, economic activists want the Government to bring forward into 1971 some of the reductions in personal income taxes scheduled under present law to take effect in 1972...

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