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OCR Page 1 of 12President's Statement
December 17, 1969
The Congress appears to be well on its way to
substituting tax reduction for tax reform. This will harm rather
than help the average taxpayer. Sugar-coating a bitter pill is
understandable, but all sugar coating and no pill will not help
the patient. A tax cut for some citizens would mean a price
rise for every citizen.
In a situation without parallel in our history, we came
into the month of December, almost halfway through the fiscal
year, with most of the regular appropriation bills yet to be passed.
If the Administration is to achieve its goal of slowing down the
rise in prices, it will have to reserve funds on many popular
spending programs. The other course -- of appealing to special
interests -- would run directly counter to the public interest.
A dollar of spending does not add just one dollar to the
spending stream: It is spent, and in turn provides income to
someone else to spend again, multiplying its effects. A billion
dollars of Federal spending or tax relief can add many times
that amount to the escalation of our rising price levels. And
inflation -- the hole in everybody's pocket -- is the most unfair
tax of all.
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