Sept. 18, 1963 - President Kennedy appealed tonight for support “in the national interest” of a tax reduction he said was both “insurance for prosperity and insurance against recession.” In a nationwide television address, the President held out to the consumer the hope of “a new car, a new home, new conveniences, education, and investment.” To the businessman, Mr. Kennedy said the tax cut would mean that he could “keep a higher percentage of his profits in his cash register or put it to work expanding or improving his business.” To the unemployed, he said that “more after-tax money means more buying power for consumers and investors, and this means more production and the jobs our nation needs.” To all, Mr. Kennedy promised that his tax program, if enacted promptly, would enable the nation to “release $11 billion of extra after-taxes purchasing power into the private economy before another downturn can begin.” The legislation, which was voted out of the Ways and Means Committee 17-8 last week, moves to the floor of the House next Tuesday.
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