tax reduction act of 1964 pros and cons

 

Instructions Surrey, Eldridge, and Brazer from the Treasury, Robert Turner from the Bureau of Budget of the White House, and Arthur Okun from the CEA attended the meeting. 281: Ways and Means Committee, 195760; Stanley S. Surrey to Frank Ikard, 15 January 1960, HSC, HLSL, SSSP, Box 39, File No. <>/ProcSet 132 0 R/XObject 111 0 R>> 82. Focusing on the political economy, Martin Daunton examined the detailed process of its development. Revenue Act of 1964 Revenue Act of 1962 Tax Reform Act of 1969 Personal Exemption. 0000007610 00000 n Women's increasing participation in the workforce and higher education 0000005216 00000 n 5 0 obj Douglas Eldridge, other staff from the OTA, Cary Brown, Richard Musgrave, Robert Solow, and Joseph Pechman attended the meeting. 114 0 obj endobj Stanley S. Surrey, Summary Statement of Stanley S. Surrey for Hearings on Broadening The Tax Base, House Committee on Ways and Means November 16, 1959, The Federal Income Tax Base for Individuals, undated, HSC, HLSL, SSSP, Box 39, File No. 12. The Revenue Act of 1964, with its large tax reduction at a time when the budget was in deficit; marked a watershed in tax policy history. Heller described this choice as having made the CEA members feel at a low point (Walter W. Heller, New Dimensions of Political Economy, 32). Perhaps it is a good start, but it's not a serious effort given the CBO's economic forecast. "Federal Income Tax Brackets for Tax Year 1962 (Filed April 1963)", "Federal Income Tax Brackets for Tax Year 1963 (Filed April 1964)", "Federal Income Tax Brackets for Tax Year 1964 (Filed April 1965)", "John F. Kennedy: Address and Question and Answer Period at the Economic Club of New York", https://en.wikipedia.org/w/index.php?title=Revenue_Act_of_1964&oldid=1135008719, reduced top marginal rate (on income over $100,000, roughly $848,000 in 2021 dollars, for individuals; and over $180,000; roughly $1,527,000 in 2021 dollars, for heads of households) from 91% to 70%, reduced corporate tax rate from 52% to 48%, phased-in acceleration of corporate estimated tax payments (through 1970), created minimum standard deduction of $300 + $100/exemption (total $1,000 max), This page was last edited on 22 January 2023, at 01:28. Otto Eckstein, Richard Goode, Joseph Pechman, Carl Shoup, and Seymour Harris attended the meeting. -REform of the Johnson, Nixon years, -set up such programs as Job Corps and Head Start; Tax Policies for Economic Growth, 17 December 1959, NACP, RG 56, OTPSF, Box 68, File Folder 56: Suggestions for TAX REFORM Submitted to Treasury for Comment, 1959. <> 15 0 obj 75%, for sales during the 91st day through the 180th day of the noncompliance period, 85%, for sales during the 181st day through the 270th day of the noncompliance period, or. (J), Anand, A.S. (J) (J) The Civil Rights Act of 1964 was one of the most extreme controversies in American history. After the war, he received masters (1947) and doctoral degrees (1951) at Columbia University and taught economics at Rutgers (194748) and finance at Lehigh (194850) and Wayne State universities until 1957, when he joined the Michigan faculty as an associate professor. for this article. 74. The act cut federal income taxes by approximately twenty percent across the board, and the top federal income tax rate fell from 91 percent to 70 percent. 108. [11] Johnson signed the bill into law on February 26, 1964. 30. Levin, Martin A., Landy, Marc K., and Shapiro, Martin (Washington D.C., 2001)Google Scholar; Stein, Herbert, The Fiscal Revolution in America (Chicago, 1969).Google Scholar, 4. The bill aimed to reduce the corporate income tax rate from 52 percent to 48 percent over the subsequent two years. <> 110 0 obj The bill. Gerhard Peters and John T. Woolley, The American Presidency Project, http://www.presidency.ucsb.edu/ws/?pid=26084. Harvey E. Brazer, born in Montreal, received a Bachelor of Commerce degree from McGill University in 1943. The act became law on February 26, 1964. Bartlett, Bruce, The Benefit and the Burden: Tax ReformWhy We Need It and What It Will Take (New York, 2012)Google Scholar; Zelizer, Taxing America; Manley, John F., The Politics of Finance: The House Committee on Ways and Means (Boston, 1970)Google Scholar; Stein, Fiscal Revolution in America. H|Oo@HZ)r=>&H"!K4{ rD1`LY>)4H>C/QI;(:00eQY6Z 2P%;2. 135. We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Keynes described his desire to take advantage of the opportunity of war finance to effect a considerable redistribution of incomes in the direction of greater equality., 24. Lerner continued as follows: Increased taxes on the rich, offset by decreased taxes on the poor or by greater bonuses to the poor, will increase total demand without unbalancing the budget. See Lerner, The Economics of Control, 31920. And, during the 1960's there were more civil wrongs than civil rights. . <> 78. If your ITC is $5,000, but only owe Uncle Sam $2,000 in federal taxes, then the remaining $3,000 credit will be applied to future years. . I am not falling for that. 40. Compare and contrast the "New Left" with the "Counterculture.". 281: Ways and Means Committee, 195760. <> . The IRA represents a significant investment by the federal government in. Please give a brief but specific answer to the following question. \textbf{Purchase Date} & & \textbf{Quantity} & \textbf{Unit Cost} & \textbf{Total Cost}\\ Stanley S. Surrey to K. H. Koach, 6 February 1964, HSC, HLSL, SSSP, Box 53, File No. 25. -It contributed in a small way to the greatest economic boom since WW II. <> 1944: Dividend Credit Exclusion, 196364. 281: Ways and Means Committee, 195760; Stanley S. Surrey to Lee Metcalf, 15 January 1960, HSC, HLSL, SSSP, Box 39, File No. The five tax cuts of George W. Bush mainly included a reduction of individual income tax rates, temporary estate tax cuts, accelerated depreciation, the exclusion of dividend income, cuts in capital gain taxes, and increases in corporate tax breaks. The five tax cuts of George W. Bush mainly included a reduction of individual income tax rates, temporary estate tax cuts, accelerated depreciation, the exclusion of dividend income, cuts in capital gain taxes, and increases in corporate tax breaks. endobj in tax law. I elaborate on Surreys responsibility and role inside the Treasury at the time he wrote this in the last section. sexy girls breasts The conservative American slogan has been "We fought a war on poverty, and poverty won." Robert A. Wallace, Possible Compromise on Tax Package, 19 November 1962, JFKL, RDTMPO, Roll 40, Folder 2 of 2, File: Asst. However, you may find it helpful to work part b\mathbf{b}b first. endobj Name each of the accounts, and describe briefly what the balance in each at the end of any accounting period represents. endobj endobj 0000006743 00000 n 6 0 obj trailer Committee: House Science: Related Items: Data will display when it becomes available. The first attempt at passing the tax cuts was rejected by Congress in 1963. 0000001962 00000 n Wilbur D. Mills, 195659. 0000001763 00000 n -the emphasis was on self-help, with the government providing money and know-how so that the poor could reap the benefits of neighborhood day-care centers, consumer-education classes, legalaid services, and adult remedial-reading programs, set aside $9.1 million acres of national forest for protection, provided $1.3 billion for aid to elementary and The A $740 billion package signed by Biden on Tuesday, includes tax breaks and tax increases. Civil rights activists suffered many attacks from Southern, white Full-employment output is the notion of output assumed when an economy is at full employment. Office of the White House Press Secretary, Presidential Statement #5 on Economic Issues, Further Tax Reduction, 27 October 1964, HSC, HLSL, SSSP, Box 53, File No. "Blow Outs," through which racism in the public schools was protested by? 0000008031 00000 n Smith argued as follows: We must continue to keep our interest rates adjusted to those prevailing in foreign money centers in order to prevent . 5 (10 February 1963), JFKL, WWHPP, Box 22, File: Tax 2/1/632/12/63; If Taxes Are Cutthe Chances of a Boom, U.S. News & World Report, 11 February 1963. [ 10 0 R] Please give a brief but specific answer to the following question. 0000003272 00000 n Besides from being an important step to equality, it was also a glimmering beacon of hope for all of those who were victims of discrimination. It will also . 111 0 obj However, I surmise it was for Mills considering the title of the file that contained this material. 1942: DeductionsGeneral, 196263. 0000001324 00000 n [10], Lyndon B. Johnson succeeded Kennedy as president after the latter was assassinated in November 1963. Louis Cassels, This Man Shapes Your Tax Bill, Nations Business, March 1956; Looking at Tax Effects, Business Week, 21 May 1955. support for civil rights and other causes. Psychologists have found that the effects of subliminal stimuli tend to be ___________________. In 1966, Heller wrote in retrospect: The $13 billion full-employment surplus in 1960 was an oppressive economic drag, a major force pulling us down into the recession of 196061. Walter W. Heller, New Dimensions of Political Economy, 67. His special area of focus was public finance, and this involved the examination of various methods of raising money to operate the government and its numerous public service programs. There has been frequent reference to Kennedy having not mastered economic knowledge at all. 127. Program of Panel Discussion in General Revenue Revision, 1959, 8 September 1959, NACP, RG 56, OTPSF, Box 68, File Folder 55: Tax Legislative Program for 195960, Mills Subcommittee, 195962. --Moreover, those benefitting most from increased government attention to the poor were often the construction companies, doctors, real estate developers, and middle-class professionals who supplied the services the government demanded. View all Google Scholar citations The Subcommittee included Senator Paul Douglas (D-Ill.), Representative Thomas Curtis (R-Mo. (Log in options will check for institutional or personal access. 72. At Harvard, with the benefit of hindsight, he sought to link tax reform to the concept of tax expenditure in order to consider the criteria for choosing between tax incentives and direct expenditure. 52. [5] On the advice of Walter Heller, the Chairman of the Council of Economic Advisers, President John F. Kennedy proposed a tax cut designed to help spur economic growth. 117. 61. 107-16), including the expansion of the 10-percent income tax bracket, the reduction in the individual marginal income tax rates, marriage penalty tax relief, and the increase in the child tax credit from $600 to $1,000. Congress passed the Tax Cuts and Jobs Act (TCJA) in late 2017, undoubtedly hailed the most drastic amendment to the Internal Revenue Code of 1986 since that year. Has data issue: true See Daunton, Martin J., Just Taxes: The Politics of Taxation in Britain, 19141979 (Cambridge, 2002)Google Scholar; Trusting Leviathan: The Politics of Taxation in Britain, 17991914 (Cambridge, 2001). 12,2010Jan.9,2011TotalonhandQuantity6009001,500UnitCost$2932TotalCost$17,40028,800$46,200. 0000008232 00000 n --On the other hand, no significant redistribution of income resulted even after increased funding for food stamps, public housing, and health care. The normal rate of corporate income tax was reduced to 22% in 1964, while the surtax rate was reduced to 28% in 1964, and reduced further to 26% in 1965. 125. Taxing Ourselves: A Citizens Guide to the Debate over Taxes. 134. 0000002637 00000 n Civil Rights Act of 1964 Voting Rights Act of 1965 Tax Reduction Act Higher Education Act Air Quality Act Water Quality Act Omnibus Housing Act Economic Opportunity Act Warren Court The Great Society After the Assassination. 0000000876 00000 n Some provisions of the TCJA that affect individual taxpayers can also affect business taxes. 7, no. Making energy more expensive might do this, they caution. Levin, Martin A., Landy, Marc K., and Shapiro, Martin; Christopher Howard (Washington, D.C., 2001)Google Scholar; The Hidden Welfare State: Tax Expenditures and Social Policy in the United States (Princeton, 1997). In addition, he was of the opinion that the tax system did not prevent opportunities for more equity capital for larger businesses. Keynes, Hansen, and Lerner also mentioned tax cuts as measures to stimulate recovery. The result is that the new act accomplishes some rate reduction, but does little in the way of tax reform. 130. Another cold war post war practice test thing, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Operations Management: Sustainability and Supply Chain Management, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. 16. Stein, The Fiscal Revolution in America, 44950. THE REVENUE ACT OF 1964 As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. a. 34. endobj Many scholars have evaluated it as representative Keynesian tax policy; this article focuses on the effort of the Treasury Department, tax experts such as Stanley S. Surrey and Wilbur D. Mills, the chairman of House Committee on Ways and Means, to reform the federal income tax system comprehensivelymaking it simpler, fairer, and more equitableand their defeat by the 1964 tax cut. 43. endobj Walter W. Heller to John F. Kennedy, Business Views on the Economic Outlook and Tax Cuts, 10 November 1962, JFKL, WWHPP, Box 22, File: Tax Cut 11/62. 68. However, critics argue a tax on carbon will increase costs for business and reduce levels of investment and economic growth. 115. 1935: Capital Gains, 196364. Despite the fact that the Kennedy Administration encouraged voter registration, they didn't back up The Treasury Department, Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1964 (Washington, D.C., 1965), 36. New Valuation x Local Property Tax Rate = New Estimated Taxes Owed $310,777 x 1.175% = $3,652 How we got some of those numbers: Each year the State determines the Interest Component (2013 = 3.75%; 2014 = 4.0%; 2015 = 4.25%; 2016 = 4.25%; 2017 = 3.75%; 2018 = 4.0%). 10 0 obj See Keep the Income Tax but Make It Fair, U.S. News & World Report, 27 July 1956. The horse-trading necessary to get a carbon tax passed might require all sorts of policy contortions. [7] Kennedy's support for a tax cut reflected his conversion to Keynesian economics, which favored temporary deficit spending in order to boost economic growth. 7 0 obj The United States Revenue Act of 1964 (Pub. Witte, The Politics and Development of the Federal Income Tax, 16672. 1944: Dividend Credit Exclusion, 196364. 77. +AlIL After his graduation, during World War II, he served for three years as an artillery and infantry officer in the Royal Canadian Army. 107. Warren Smith to Walter W. Heller, Financing of a Deficit Resulting from a Tax Cut, 7 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. At the same time, both Kennedys and Johnsons administrations chose to attempt to reduce government expenditures, doubting the wisdom of stimulating the economy through a higher level of government spending. 0000006068 00000 n Until the 1964 passage of the tax cut, Mills, with his inconsistent action, abandoned the accomplishment of their ideal tax reform. 121. But not everything in the 730-page law is worth celebrating. endobj (Cambridge, 2004)Google Scholar. In particular, Steuerle argued that tax-cutting measures fitted well into the postwar era until the late 1970s. 38. [14][15] Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965.[14][16]. <>>> 28. Over the weekend, the Senate passed the Inflation Reduction Act, a climate and health-care bill that . Stein cited Millss Statement from U.S., Congress, House, Congressional Record, 88th Cong., 1st sess., 1963, vol. The administration was in conflict with the steel industry over the price of steel. Fatemi, N. et al., The Dollar Crisis: The United States Balance of Payments and Dollar Stability (Rutherford, N.J., 1963), 3839, 54.Google Scholar. Slemrod, Joel and Bakija, Jon, Taxing Ourselves: A Citizens Guide to the Debate over Taxes, 4th ed. The Civil Rights Act of 1964 was passed on July 2, 1964 and was signed into law by President Johnson. 11. Close this message to accept cookies or find out how to manage your cookie settings. 281: Ways and Means Committee, 195760; Stanley S. Surrey to John W. Byrnes, 15 January 1960, HSC, HLSL, SSSP, Box 39, File No. 85. The child tax credit (CTC) is doubled from a current-law level of $1,000 to $2,000 per child. Television brought the brutality of Southern resistance to the rest of the world in April 1963, when a campaign was launched in Birmingham, Alabama, to integrate public facilities and The basis for the act is Congress's taxing and spending power as stated in the U.S. Constitution, article I, section 8, which authorizes the legislature to provide for the general welfare. 6. This United States federal legislation article is a stub. For Release Sunday Morning Papers, 27 January 1963: Statement by the Board of Directors of the Chamber of Commerce of the United States, 26 January 1963, JFKL, WWHPP, Box 22, File: Tax 1/16/631/31/63. 5 Per Cent Tax Deduction, Washington Post, 14 February 1963. For decades, the fossil fuel industry's stranglehold on US politics kept action at bay. 0000007824 00000 n Please give the pros and cons of the Reduction Tax Act if 1964. The cap would save roughly 1 million seniors about $1,000 each year. Dillon Defends Curbs on Deductions as Allowing Across-Board Tax Cuts, Wall Street Journal, 7 February 1963. endobj 7 Revenue Act of 1964, 204(a) (1). \text {Dec. 12, 2010} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 600 & \$29 & \$17,400 \\ endobj 405: Hon. To help more working families cut down on transportation costs, this legislation provides a $4,000 tax credit specifically for lower- and middle-income individuals to buy a used clean vehicle . 48. Repealed investment tax credit. Goldwaters Tax Cuts, Washington Post, 14 September 1964; Robert A. Wallace to Myer Feldman, Goldwater Tax Proposal, 8 September 1964, HSC, HLSL, SSSP, Box 53, File No. 0 Thorndike, Joseph J., Their Fair Share: Taxing the Rich in the Age of FDR (Washington, D.C., 2013).Google Scholar It is said that the ideas of Robert Murray Haig were greatly influential to the Treasurys tax experts. William Andrews, who was the Eli Goldston Professor of Law at Harvard Law School, described in retrospect the following: This unity [of Surreys thought and action] resulted partly from the single-mindedness of Stanleys concern for a fair, progressive tax system; wherever he was working and whatever he was doing, he was bound to be continuing the crusade for that objective. See Andrews, William D., A Source of Inspiration, Harvard Law Review 98, no. 16 0 obj Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1958 (Washington, D.C., 1959), 4152. 64. 60. At a Harlem rally, he was murdered by three For 1964, the government taxed corporations at a rate of 50 percent. 29. Lee Preston to Walter W. Heller, Dillon Testimony before Ways and Means Committee, 7 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. -Abolished the poll tax as a prerequisite for voting Hacker, Jacob S. and Pierson, Paul, Off Center: The Republican Revolution and The Erosion of American Democracy (New Haven, 2005), 30.Google Scholar, 10. <> 51. 71. Schlesinger, Jr., A Thousand Days, 638; Walter W. Heller to John F. Kennedy, The Price Situation in General (and Steel Prices in Particular), 2 August 1961, JFKL, WWHPP, Box 5, File: Memo to JFK 8/61; Walter Heller to John F. Kennedy, The Price Situation in General (and Steel Prices in Particular), 2 August 1961, JFKL, WWHPP, Box 5, File: Memo to JFK 8/61. <>stream The Advantages of Taxes Public servants are paid out of tax revenue. August 9, 2022. 3. origin by employers awarded government contracts and required them to take affirmative 1875: Campaign, 1964. 95%, for sales during any subsequent day. Surrey served in his position until 1968. Radical feminists emphasized the need for a complete transformation of _____ as the only way to achieve women's liberation from male domination. Environmental Pros and Cons of the Inflation Reduction Act. during the war on poverty, and the struggle for civil rights? Note: We present this problem in the normal sequence of the accounting cycle-that is, journal entries before ledger entries. 54. were arrested. . Southern, white police used attack dogs, clubs, fire hoses, and tear gas against protestors. Some initiatives and costs are justified. The Regulation Of Microfinance In India: - The World Bank Members of the microfinance community have engaged with the Government of India in a dialogue regarding the regulation of microfinance service and presentation of the pros and cons of various reform or (iii) a society registered under the AP Cooperative Societies Act, 1964 . 35. The Inflation Reduction Act earns revenue through a few tax pathways. Taxes due or paid will not increase for any family making less than $400,000/year. E&|u(*)x4n.j8F\`wI84MjAzUE>CTl'c>RBk5U 80. I surmise Daniels wrote it to Heller, considering the title of this material and the fact that I found it in a file from a collection of Hellers personal papers. . Pros: 1. 36. This is a blind mail. 105. Whites bombed black churches, and beat and jailed activists, and also shot them. After JFK's assassination, debate continued over how to assess his domestic record, which included initiatives on. See Brownlee, ed., The Political Economy of Transnational Tax Reform, 43138. The Inflation Reduction Act of 2022, H.R. 46. Congressional Budget Office, The Distribution of Major Tax Expenditures in the Individual Income Tax System, http://www.cbo.gov/sites/default/files/cbofiles/attachments/43768_DistributionTaxExpenditures.pdf, 2013. %PDF-1.5 When Bush signed The Economic Growth and Tax Relief Reconciliation Act of 2001 on 7 June 2001, he stated, Across the board tax relief does not happen often in Washington, DC. After Johnson agreed to decrease the total federal budget to under $100 billion, powerful conservative Senator Harry F. Byrd dropped his opposition to a tax cut, clearing the way for its passage as the Revenue Act of 1964. <> the activists with protection. [8] In January 1963, Kennedy presented Congress with a tax proposal that would reduce the top marginal tax rate from 91 percent to 65 percent, and lower the corporate tax rate from 52 percent to 47 percent; in total, the cut was projected to decrease income taxes by about $10 billion and corporate taxes by about $3.5 billion. Please give the meaning and significance of the Civil Rights Act of 1964. Seymour E. Harris, Where Is the Money Coming From? 8 October 1956, HSC, HLSL, SSSP, Box 14, File No. In April 1962, the steel companies approved this recommendation. 42. consciousness of individual women and on protestslike demonstrating against the Miss America pageant- This is scheduled to take place in two stages during 1964 and 1965, with approximately two-thirds of the total reduction taking effect in 1964. 1944: Dividend Credit Exclusion, 196364. W. Elliot Brownlee, Eisaku Ide, and Yasunori Fukagai (New York, 2013). 14 0 obj From 1958, Surrey served with Shoup on a tax assistance mission to Venezuela. Discuss the violence visited against black and white protesters working for civil rights and voting rights in the South in The author calculated the growth rate on the basis of these sources. The new larger credit begins to phase out for married filers with incomes of more than $400,000 an. \text { Jan. 9, 2011} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 900 & 32 & 28,800 \\ endobj 65. The most controversial and innovative part of the act, however, created a rent-supplement program. --Programs like Medicare, Medicaid, and Aid to Families with Dependant Children helped millions. In total, $430 billion will be put towards fighting climate change, reducing prescription and . 50. Wallace regarded Goldwaters tax-cut program as irresponsible for the following reasons: (1) The idea that a potential increase in revenues could possibly achieve all that was expected by Goldwater was patently absurd. [13], The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. endobj See, for example, Harvey E. Brazer, 68, Professor of Economics, New York Times, 18 May 1991; Faculty History Project of University of Michigan, http://um2017.org/faculty-history/faculty/harvey-e-brazer. endstream 2 0 obj Pierson, Paul, From Expansion to Austerity: The New Politics of Taxing and Spending, in Seeking the Center: Politics and Policymaking at the New Century, ed. Source of government revenue: Taxes is a source of government funding and allow the government to spend the money on improving the country's infrastructure. Lerner is generally reputed as one of old fiscal policy scholars who were influenced by Hansen. It's Tax Time The federal government says you owe $5,000 in taxes. 14. Secy. The applicable percentages correspond to tax rates of 186%, 300%, 567%, and 1900%, respectively, on the price of the drug . Dillon wrote: Even though it included a loss of revenue and a substantial budget deficit, provided it was understood that this was geared to an effort to improve the overall state of the economy . Walter W. Heller to John F. Kennedy, The Range of Tax-Cut Choices before Us, 9 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. 79. The Nation of Islam, whose adherents called themselves Black Muslims, relied on a long African-American tradition of ____________. Evidence shows that these goals were exceeded by large degree with the combination of tax cuts and domestic spending programs President Johnson advocated, such as Medicare. The measure was based upon the economists' firmly held view that a tax reduction to spur demand and investment would provide a stimulus to economic activity. Henry H. Fowler to the Files, Conference with Chairman Wilbur Mills re Tax Program, 15 November 1962, JFKL, Record of Department of Treasury Microfilm Print Outs (RDTMPO), Roll 48, File: 1964 Revenue Act Mr. Surreys Memos to the File 2/27/626/15/63.

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tax reduction act of 1964 pros and cons