Income Tax Outlook: Cut for Most, Increase for Few
by Stanley Meisler
Commentary by Stanley Meisler
January 24, 1963
January 1963
original articleThe Greensboro Record (Greensboro, NC)
original articleNo items found.
For some Americans, an end to income taxes. For most, a cut. For a handful, a boost That’s the meaning of President Kennedy’s proposed tax changes. And for 6,500,000 Americans, the changes also would mean a shift in the way they figure out their income taxes. These 6,500,000 taxpayers would be nudged from itemizing their deductions into taking the standard 10 per cent deduction. For them this would make the tax cut less juicy than it might have been. No taxpayer should expect these changes to stuff his pockets with dollars overnight. President Kennedy said he does not want the changes to start until later this year and take full effect until 1965. And they won’t take effect at all if Congress doesn’t approve them...
For some Americans, an end to income taxes. For most, a cut. For a handful, a boost That’s the meaning of President Kennedy’s proposed tax changes. And for 6,500,000 Americans, the changes also would mean a shift in the way they figure out their income taxes. These 6,500,000 taxpayers would be nudged from itemizing their deductions into taking the standard 10 per cent deduction. For them this would make the tax cut less juicy than it might have been. No taxpayer should expect these changes to stuff his pockets with dollars overnight. President Kennedy said he does not want the changes to start until later this year and take full effect until 1965. And they won’t take effect at all if Congress doesn’t approve them...
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