US Presidency
1963

No doubt a reduction in either individual or corporation taxes alone would be of great help but corporations need customers and job seekers need jobs. No doubt tax reduction without reform would sound simpler and more attractive to many but our growth is also hampered by a host of tax inequities and special preferences which have distorted the flow of investment. And, finally, there are no doubt some who would prefer to put off a tax cut in the hope that ultimately an end to the cold war would make possible an equivalent cut in expenditures but that end is not in view and to wait for it would be costly and self defeating. In submitting a tax program which will, of course, temporarily increase the deficit but can ultimately end it and in recognition of the need to control expenditures -I will shortly submit a fiscal 1964 administrative budget which, while allowing for needed rises in defense, space, and fixed interest charges, holds total expenditures for all other purposes below this year's level.