January 1975
National Review;1/24/1975, Vol. 27 Issue 2, p4
The article focuses on the debate concerning tax deduction in the U.S. It is viewed that tax reduction should go mainly to low income families. The investment tax credit has been a relatively ineffective device for reducing unemployment since it gives a tax cut for buying a machine and not hiring workers. It is viewed that the tax cuts will increase the deficits of the governments at all levels. The deficit may be financed by selling government securities to the public or to the Federal Reserve. It is suggested that restoration of private incentives with a tax cut will reduce deficits.


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