A Program for Prosperity

August 1954
New Republic;8/16/54, Vol. 131 Issue 7, p11
This article presents information on economic issues of the U.S. Allowing for taxes and for the portion of personal income that is saved, to lift consumption by about $20 billion would require that the annual rate of personal incomes before taxes be raised by about $25 billion. About $4.5 billion of additional income could be provided to consumers by tax legislation raising personal exemptions or combining a raise in exemptions with other progressive revisions in the income-tax structure weighted in favor of the lower income groups. Allowing for recent excise-tax reductions, the total impact would be more than $5 billion. However, if the international situation should require a lifting of federal outlays far in excess of the amount set forth above, some alternative combination of progressive tax changes would deserve consideration.


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