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July 27, 1963 - Talking Taxes In 1963

(The Kennedy Tax Cut Proposal - Sweeping Changes - not everybody was happy) Note: This is a repost from last year on this day. Seems the story just doesn't change. In what became the most sweeping set of changes to Tax Cut legislation, House

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(The Kennedy Tax Cut Proposal - Sweeping Changes - not everybody was happy)

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Note: This is a repost from last year on this day. Seems the story just doesn't change.

In what became the most sweeping set of changes to Tax Cut legislation, House Bill HR-8368 passed by a vote of 271-175. It represented a radical change in the economic structure of the country by basing its operations on the theory of deficit financing.

President Kennedy: “No more important legislation will come before the Congress this year than the bill before the House to reduce Federal Taxes. In fact, no more important domestic economic legislation has come before the Congress in some fifteen years.”

A little too radical for some. Most Republicans voted against it as did the bloc of Dixiecrats who warned it would mean fiscal ruin for the U.S.

It didn't and the bill passed the Senate in February 1964 created the largest tax cut in history and it's still argued about today, as no doubt this post will provoke.

History is very often the gift that keeps on giving.

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