Lyndon Johnson on Tax Reform
6% surcharge to restrain unbalanced economic expansion
We have now enjoyed 6 years of unprecedented & rewarding prosperity. Last year, in 1966:
Our greatest disappointment in the economy during 1966 was the
excessive rise in interest rates and the tightening of credit. They imposed very severe and very unfair burdens. Last year, I recommended fiscal and moderate tax measures to try to restrain the unbalanced pace of economic expansion. Legislatively and
administratively we took several billions out of the economy. I recommend a surcharge of 6% on both corporate and individual income taxes--to last for 2 years or for so long as the unusual expenditures associated with our efforts in Vietnam continue.
Source: Pres. Johnson's 1967 State of the Union message to Congress
, Jan 10, 1967
- Wages were the highest in history-and the unemployment rate, announced yesterday, reached the lowest point in 13 years;
- Total after-tax income of American
families rose nearly 5%
- Corporate profits after taxes rose a little more than 5%
- Our gross national product advanced 5.5%, to about $740 billion;
- Income per farm went up 6%.
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Other past presidents on Tax Reform:
Lyndon Johnson on other issues:
George W. Bush(R,2001-2009)
George Bush Sr.(R,1989-1993)
John F. Kennedy(D,1961-1963)
Harry S Truman(D,1945-1953)
Past Vice Presidents:
Natural Law Party
Page last updated: Sep 12, 2018