US Presidency
1963

It is a fiscally responsible program the surest and the soundest way of achieving in time a balanced budget in a balanced full employment economy. This net reduction in tax liabilities of $ 10 billion will increase the purchasing power of American families and business enterprises in every tax bracket, with greatest increase going to our low income consumers. It will, in addition, encourage the initiative and risk-taking on which our free system depends -induce more investment, production, and capacity use help provide the 2 million new jobs we need every year- and reinforce the American principle of additional reward for additional effort. I do not say that a measure for tax reduction and reform is the only way to achieve these goals. No doubt a massive increase in Federal spending could also create jobs and growth but, in today's setting, private consumers, employers, and investors should be given a full opportunity first. No doubt a temporary tax cut could provide a spur to our economy but a long run problem compels a long run solution.