Show Only Harpy I Headlines Over It a two year period there have been cuts in federal income taxes Recently Congress passed and the President signed a long over overdue ue bill repealing the federal x- x cise or sales taxes on a number of commodities in general use and reduced the levies on others But just how much benefit will this be to the average per per- person person son as as measured by an increase in in his spending power The Tho answer seems to he be Very little at best Heros Hero's why State and local tax increases are arc offsetting the federal reductions During this legis legis- legislative year Jear state after state has increased sales 1 taxes income taxes gasoline taxes cigarette taxes and mul so on down the tho list Local tax unit spen spending ing has followed a similar trend antI and the property tax lilts has reached a crisis point in many areas on top of that a major major increase in in the federal social security tax which is automatically deducted from the pay of all workers is conning coming In other wor words s wo we have havo been putting moro more money into ono one pocket and at the same time we are taking it out of another Continued creeping creeping inflation which is largely the result of deficit spending by govern ment cuts further into spending and saving power The rhe tax cuts mn may make happy headlines but that's about as far as they ther go |