Sometime within the next fortnight. President Kennedy will decide whether to press for an immediate tax cut to get the economy moving again. If he does urge a reduction, and Congress goes along, the U.S. for the first time will slash taxes during a period of business expansion, with the aim of preventing a recession. What would tax cuts do for business?
Champions of a cut to ordinary taxpayers contend that it would automatically generate enough new spending to fire up idle production lines, make jobs and create almost enough taxable income to pay...