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additional adjustment aggregate demand aggregate tax rate automatically average rate become billion brackets budget capital cause Chairman changes Congress consequence considerations constant consumption continued contribute cost difference discretionary disposable effect eliminate examines excessive demand expenditure fact factor fall Federal fiscal policy full employment gain grows growth Help higher impact implies important incomes policy indexing inflation indexing interest issue John Joint Economic Committee labor less loss lower marginal monetary national income nominal income offset output percent period personal income tax personal tax potential prevent price level problems produce Professor progressive quarter question raise rapidly rate of inflation rate of tax ratio real income reason relative remain represent response restrictive result revenue rise saving shares shock side stability structure suggest supply tax increase tax reduction tax system tax yield taxation taxpayers tend third unindexed United wage increase
Page 6 - ... the famous credit crunch of late 1974. Under the impact of tight money, demands fell rapidly. Home construction fell from 2.1 million units in 1973 to an annual rate of less than 900,000 million units in late 1974. A recession was created within a recession. While the real GNP had fallen 2.5 percent from the fourth quarter of 1973 to the third quarter of 1974, it now started to plunge rapidly— falling another 3.2 percent in the fourth quarter of 1974 and the first quarter of 1975.5 The end...
Page 2 - Taxation stated this conventional view quite positively when it said that — ' No attempt should be made to adjust the tax structure automatically for changes in the purchasing power of money. To develop a tax system that taxed only incomes in "real" purchasing power would irreparably damage the built-in stability of the system.