President Kennedy decided weeks ago that a quick tax cut was needed to pep up the sluggish U.S. economy. Most of his economists, including Walter Heller, chairman of the Council of Economic Advisers, urged him to call for a cut. Yet last week, when he appeared on national television to explain his policy, Kennedy came out not with a tax-cut proposal, but rather with a statement that emergency tax legislation "could not now be either justified or enacted."
What odd thing had happened on the way to the TV cameras? The fact was that President Kennedy had run into some...
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