Archive Report
Archive Report
State and Municipal Tax Prospect, 1963
Current Proposals to increase state and local taxes stand in sharp contrast to administration proposals to reduce federal taxes. As a means of spurring economic growth, President Kennedy has recommended a tax program which, if approved by Congress, would result in a net revenue loss of $2.7 billion in fiscal 1964. The President asserted in his State of the Union message, Jan. 14, that the present federal tax system exerts “too heavy a drag on private purchasing power, profits, and employment.” Some economists believe that the same argument is applicable to taxes imposed by other jurisdictions.
Unless a new economy mood strikes state and municipal leaders, however, taxpayers can expect that any savings in federal taxes in the near future ...