It is to be noted that the $100 additional personal incometax exemption causing a loss of approximately $2.500.000.000 of taxes is under 1 percent of the national income of over $280 billion and means a very tiny weekly amount to most taxpayers. In addition. it would take some millions off the incometax rolls altogether and certainly the greater number of millions who will be left on the tax rolls ought to think about that. As I will be here in the Congress right along seeking boldness. initiative. and expenditure in what I consider to be the paramount interests of the American people in terms of national security. housing. a national health program. expanded social security and unemployment insurance. modern national defense. foreign military. economic and technical assistance. increased aid for schools. roads. and hospitals. immigration and liberalized foreigntrade policy. how can I now take steps which will reduce rather than fortify the ability of the Government. financially. to meet these needs? It is interesting from my mail to read how an approach of strict political expediency such as is proposed by the minority breeds its own evils. My mail shows that the increases in exemptions are bid on and up to $1.000 and more. proposals which would literally make it impossible to maintain our national security or operate the Government. yet. this is exactly what happens in such a situation once bidding starts with tax cutting for political advantage.
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immigration