US Presidency
1975

The one-year reduction for businesses would be in the form of a liberalized investment tax credit increasing the rate to 12 percent for all businesses. This tax cut does not include the more fundamental reforms needed in our tax system. But it points us in the right direction, allowing taxpayers rather than the government to spend their pay. Cutting taxes now is essential if we are to turn the economy around. A tax cut offers the best hope of creating more jobs. Unfortunately, it will increase the size of the budget deficit. Therefore, it is more important than ever that we take steps to control the growth of federal expenditures. Part of our trouble is that we have been self indulgent. For decades, we have been voting ever-increasing levels of government benefits, and now the bill has come due. We have been adding so many new programs that the size and the growth of the federal budget has taken on a life of its own.