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Surtax extension warned to curb inflation and recession risk
Treasury chief Kennedy warned Congress that not extending the income surtax would spark higher inflation and possible recession. He cited a $6.3 billion surplus goal for the new fiscal year, vs Johnson's $3.4 billion projection, and argued the surplus would become a deficit without the surtax. The Nixon plan would raise about $10 billion in revenue by extending surcharges and delaying tax cuts, while pressure for a spending ceiling and other policy moves unfolds.
MENTIONED IN THIS ARTICLE
Washington
Nixon
Congress
Secretary of the Treasury
David M. Kennedy
Lyndon B. Johnson
House
Ways and Means Committee
Wilbur D. Mills
Mayo
Robert P. Mayo