Show The TIle Surplus The good news about th the federal budget announcement g et e that at the surplus for the year I r ending g June Jun e 30 was larger than anticipated complicates the fight in Congress Con Con- v. v gress gross over extension of the present surtax and tax reform OPPONENTS of an extension of the present surtax argue that final tabulations for the recently ended fiscal year in indicate indicate in- in an even larger surplus for the current ent year Administration officials predict pre pre- predict pre pre- dict a surplus with the sur tax of six billions for the cur 1 rent yc year they huy estimate a deficit without the surtax IT WOULD seem early to repeal the surtax and gamble gambl on another deficit in view I of the fact that inflationary pressures are still strong and I the extent of our withdrawal from Vietnam still not full fully known the surtax should be retained for a minimum of six months or perhaps for another twelve months at a reduced rate Tax reform which should certainly be enacted at this session might produce sufficient suf suf- revenue to end the SUrtax sur sue tax sooner and perhaps allow for a lowering of rates applying ap ap- plying to small and middle income income in in- come taxpayers |