All Together, Now

Everybody in the country seemed to be talking about a tax cut--but not all in the same language:

sbReflecting a division within his own Administration about the advisability of an immediate tax cut, President Kennedy at his press conference said that he would recommend one "if we decide it is needed"--but did not retreat from his belief that tax reduction would best be coupled with overall tax reforms planned for next year.

sbThe conservative U.S. Chamber of Commerce called for an immediate tax cut, even if it meant a budget deficit in the coming year--which it certainly would. Said Chamber President H. Ladd Plumley: "It's worth the cost." Less surprisingly, the Chamber wanted the cuts concentrated on corporations and upper-bracket individuals, because it believes that encouraging investment in plant and equipment is more important to economic growth right now than spurring consumer spending. Estimated cost of the Chamber cut: $7 billion to $10 billion.

sb Walter P. Reuther, president of the United Auto Workers, called for a $10 billion cut in income taxes beginning in August. But Reuther wants the cut to be concentrated in the lower and middle income brackets in order to increase consumer purchasing power. Said he, in an interview with the New York Times: "We make balancing the budget the final objective of economic activity. The important thing is to balance the economy."

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