Delay in surcharge raises costs for taxpayers and deficit
Washington reports House leaders delay action on the 10 billion dollar income tax surcharge and related spending cuts, likely increasing taxpayers’ payments next year. The Treasury’s timing shifts threaten a larger current-year deficit, with revenue adjustments pushed to the next fiscal year and only minor gains from extended excise taxes.
MENTIONED IN THIS ARTICLE
Washington
House
Senate House
Treasury
Economy Slows Slightly After Strong First Quarter
Washington reports April growth remains solid but eases from March pace. Personal income rose to a record $670 billion annual rate, yet wages slowed due to a 200,000 telephones strike and civil unrest after King assassination. Auto output fell 4 percent to 8.5 million units, with May goals set at 9 million. Overall GNP growth for Q1 revised to $1.4 billion with consumer spending up sharply.
MENTIONED IN THIS ARTICLE
Joseph R. Coyne
Washington
Federal Reserve Board
Commerce Department
Martin Luther King Jr
Indus
Revenue Estimates Hint At Multibillion Budget Gap
Revenue projections show a potential $25 billion deficit this year and as low as $2.3 billion next year due to a delayed House vote. New estimates detail taxes from the package for the next fiscal year including individual surcharge $7.78 billion, corporate surcharge $3.85 billion, corporate speedup $960 million, and excise extensions $2.66 billion.
Also Mentioned on This Page
Treasury Department
Senate
Johnson
Gherry
Carson Beach Blvd
Cherry and
Carson Norwalk
Carson Long Baoch
Long Beach
Setaway
Acme
Anaheim
Mon.-Fri
4.C
Mattress Factory
Bellflower
Mom
Pris
Tll
Santa Ana
W. Sth Street
Iva Mester Cha
BankAmericard
Orange County
E. Broadway
Canterbury Book Shop
Englesad
Calvert Dis
NTA
This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!