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Show GO AND DO LIKEWISE Our paychecks are now reflecting the 10 per cent surcharge in income taxes voted by Congress. Although this tax increase is due to expire next year on June 30, some people are already talking about extending it. In enacting the tax increase, Congress also required re-quired a $6 billion drop in Federal expenditures and a $10 billion cut in spending authority for fiscal 1969. Both the "tax increase and the reduction in Federal spending are now the law of the land. The tax increase is a fact, but expenditure control is still to be realized. As taxpayers, we are not in a position to postpone or to delay payments of our share of the burden, but there are many delays in the spending cuts. When Congress Con-gress recessed for the national conventions, here is what happened : Congress had cut $3 billion from the Administration's Admin-istration's request of $186.1 in fiscal 1969. Because of anticipated increases of $700 million in price support payments and $300 million in federal expenditures for welfare, the Administration will have to cut $4 billion from its other spending plans. We taxpayers have no choice but to tighten our economic eco-nomic belts. We expect the Federal government to do likewise. |