THE PRESIDENT: Pre-Emptive First Strike on Taxes

What could possibly sound more appealing? A record-breaking income tax cut of $28 billion. An equally sharp slash in Government spending. Both aimed, as President Ford said of his proposals last week, at "getting the Government off your back and out of your pocket." Insisted Treasury Secretary William Simon: "There were no political considerations in this decision whatsoever."

There did appear to have been some political considerations in the timing of the decision, however. As it was evidently intended to do, Ford's surprise announcement that he wants another big tax cut beginning on Jan. 1—coupled with an equally sharp cut...

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