Dec. 14, 1962 - President Kennedy called tonight for a broad program of Federal tax reduction and reform to take effect in 1963 and “cut the fetters which hold back private spending.” In a speech to the Economic Club of New York at the Waldorf Astoria Hotel, Mr. Kennedy pledged his Administration’s commitment to such a program. He said its main impact should be to stimulate consumer spending and thus profit business and industry. The President strongly implied that he would send to Congress a one-package bill of both reduction and reform. Nowhere in his speech, long awaited as the first outline of his tax policy, did he estimate by how much taxes should be reduced and private spending increased.
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