JFK's 1963 State of the Union

FLASHBACK: 50 years ago, a Democratic president argued robustly for tax relief and reform rather than large-scale government spending.

"I do not say that a measure for tax reduction and reform is the only way to achieve these goals.

"--No doubt a massive increase in Federal spending could also create jobs and growth-but, in today's setting, private consumers, employers, and investors should be given a full opportunity first.

"--No doubt a temporary tax cut could provide a spur to our economy--but a long run problem compels a long-run solution.

"--No doubt a reduction in either individual or corporation taxes alone would be of great help--but corporations need customers and job seekers need jobs.

"--No doubt tax reduction without reform would sound simpler and more attractive to many--but our growth is also hampered by a host of tax inequities and special preferences which have distorted the flow of investment."

Full text: http://www.presidency.ucsb.edu/ws/index.php?pid=9138

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