Income Tax Cut - Kennedy Hopes To Spur Economy (1962)
17:07:26 MCU of President Kennedy speaking to camera: “The worst deficit comes from a recession & if we can take the proper action in the proper time this can be the most important we could take to prevent another recession. That is the right kind of a tax cut, both for your family budget & the national budget, resulting from a permanent basic reform & reduction in our rate structure; a creative tax cut creating more jobs & income, & eventually more revenue. And the right time for that kind of bill it now appears in the absence of an economic crisis today, & if the job is to be done in a responsible way, is January, 1963.
17:08:12 Such a bill will be presented to the Congress for action next year. It will include an across the board, top to bottom cut, in both corporate & personal income taxes. It will include long needed tax reform that logic & equity demand. And it will make that cut in taxes to take effect as of the start of next year, January, 1963. The billions of dollars this bill will place in the hands of the consumers & the businessmen will have both immediate & permanent benefits to our economy. Every dollar released from taxation, that is spent or invested will help create a new job & a new salary. And these new jobs & new salaries can create other jobs & other salaries; and more customers & more growth for an expanding American economy.
17:09:06 Instead of being permanently saddled w/ excess planned capacity and the budgetary deficit that is created by this means our goal must be full capacity & full employment & the budgetary surpluses that that kind of employment & capacity can produce.
JFK; Economics; Job Creation; Leadership Speech; Tax Cutting; Cuts; Democrats;
NOTE: Excerpt late in speech delivered at 7pm 13Aug62 from President’s office.
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Income Tax Cut - Kennedy Hopes To Spur Economy (1962) 17:07:26 MCU of President Kennedy speaking to camera: “The worst deficit comes from a recession & if we can take the proper action in the proper time this can be the most important we could take to prevent another recession. That is the right kind of a tax cut, both for your family budget & the national budget, resulting from a permanent basic reform & reduction in our rate structure; a creative tax cut creating more jobs & income, & eventually more revenue. And the right time for that kind of bill it now appears in the absence of an economic crisis today, & if the job is to be done in a responsible way, is January, 1963. 17:08:12 Such a bill will be presented to the Congress for action next year. It will include an across the board, top to bottom cut, in both corporate & personal income taxes. It will include long needed tax reform that logic & equity demand. And it will make that cut in taxes to take effect as of the start of next year, January, 1963. The billions of dollars this bill will place in the hands of the consumers & the businessmen will have both immediate & permanent benefits to our economy. Every dollar released from taxation, that is spent or invested will help create a new job & a new salary. And these new jobs & new salaries can create other jobs & other salaries; and more customers & more growth for an expanding American economy. 17:09:06 Instead of being permanently saddled w/ excess planned capacity and the budgetary deficit that is created by this means our goal must be full capacity & full employment & the budgetary surpluses that that kind of employment & capacity can produce. JFK; Economics; Job Creation; Leadership Speech; Tax Cutting; Cuts; Democrats; NOTE: Excerpt late in speech delivered at 7pm 13Aug62 from President’s office.