GAO Savings Reach Five Dollars Per One Spent
Washington GAO reports for fiscal 1963 that spending 47.8 million yielded 247.5 million in refunds and financial benefits, a more than five to one return. Defense department focus, contractor savings on missiles, and wage shifts to specialists drive the gains and potential legislative changes.
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Tax collections exceed 100 billion for first time
Chicago UPI reports that 1963 marked the first year federal tax receipts surpassed $100 billion with nearly $106 billion collected, up $6.5 billion from 1962, as the income tax entered its 50th anniversary year.
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