US Presidency
1967

Now if Americans today still paid the income and excise tax rates in effect when I came into the Presidency, in the year 1964, their annual taxes would have been over $ 20 billion more than at present tax rates. So this proposal is that while we have this problem and this emergency in Vietnam, while we are trying to meet the needs of our people at home, your Government asks for slightly more than one-fourth of that tax cut each year in order to try to hold our budget deficit in fiscal 1968 within prudent limits and to give our country and to give our fighting men the help they need in this hour of trial. For fiscal 1967, we estimate the budget expenditures to be $ 126.7 billion and revenues of $ 117 billion. That will leave us a deficit this year of $ 9.7 billion. For fiscal 1968, we estimate budget expenditures of $ 135 billion. And with the tax measures recommended, and a continuing strong economy, we estimate revenues will be $ 126.9 billion.