State and Local Taxation

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 ...

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