• U.S.

Taxes: Yes to a Cut

1 minute read

President Kennedy’s tax-cut proposals have got a generally small hello from businessmen. But in Washington last week 35 corporation heads—including Henry Ford II, U.S. Steel’s Roger Blough, A.T. & T.’s Frederick Kappel and Chase Manhattan Bank President David Rocke feller—organized a “Business Committee for Tax Reduction in 1963.” The committee’s purpose: to stump the country on the President’s behalf.

There was an important qualification in the committee’s viewpoint. It agreed with the need for an immediate tax cut, suggested $10 billion as a figure v. Kennedy’s $13.6 billion. Unlike the President, its organizers opposed the tax reforms that the Administration hopes will bring in $3.3 billion in new revenue. Meeting the new committee’s members at the White House, President Kennedy took note of the difference. At the same time, said he, there was “a substantial area of commonly held views which is far more significant than the area of difference.”

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