TAX CUT IN U.S.
Decision Awaited (N.Z. Press Assn. —Copvr(ght) WASHINGTON. Aug. 13. President Kennedy will tell the American people today whether he will recommend an immediate tax cut to stimulate the sluggish economy or- wait until the new year He will announce his decision in a special radio and television address. Heartening news in the form of advances in main economic activities in July, such as employment, retail •ales and personal and corporate incomes, was received when the President coerferred with his top advisers on Friday, shortly before announcing plans for his address.
The prevailing view in Washington today was that Mr Kennedy would disclose a decision against aa immediate tax cutin that event, he would rely on Congressional approval of his Tax Reform Bill, including acroas-thc-board cuts to take effect on January 1. Economic experts were divided on the meaning of the statistics given to the President last week. The reports showed a 2 per cent increase in retail sales, and san ail gains in employment and personal income.
One dark spot was a shrinkage in the average number of hours put in by factory workers. Another was acknowledgement that the economy, although advancing. was not improving fast enough to keep up with population increases.
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Bibliographic details
Press, Volume CI, Issue 29900, 14 August 1962, Page 15
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207TAX CUT IN U.S. Press, Volume CI, Issue 29900, 14 August 1962, Page 15
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