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President Rejects Immediate Tax Cut

Aug. 13, 1962 - President Kennedy rejected tonight an immediate tax reduction as unnecessary and undesirable. In a 30-minute television and radio address from his White House office, the President said that a quick tax cut to stimulate the economy “could not now be either justified or enacted” and if proposed, “would needlessly undermine confidence both at home and abroad.” Thus, the President dismissed the strong advice of many of his economic counselors and stuck with his original plan to propose basic tax reform, including “top-to-bottom” cuts for individuals and corporations, in 1963.

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