Feb. 26, 1964 - President Johnson signed the tax-reduction bill tonight. He said it would “strengthen our country and bring a better life to our citizens.” The Senate completed Congressional action on the measure at 12:30 p.m., and the President signed it at a White House ceremony six hours later.
In his remarks on television and radio explaining the importance of the new law, Mr. Johnson said: “No one can bury us or bluff us or beat us so long as our economy remains strong.’ He called the tax cut “the single most important step that we have taken to strengthen our economy since World War II.” The measure, carrying out the keystone of the economic policy of both the Kennedy and Johnson Administrations, provides $11.5 billion in annual tax relief for individuals and corporations.
The reduction, largest in the country’s history, will take effect in two steps. About two-thirds of it applies to income received this year. It will apply in full to income received in subsequent years. For individuals, the average cut will be 19%. For corporations, it will be about 9%. The bill does not affect income for 1963, on which final returns are due April 15. However, some taxpayers and the economy will begin feeling the effects next week, when withholding of income taxes from wages and salaries is reduced.
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