NBC Evening News for Thursday, Oct 07, 1971
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(Studio) Treasury Secretary John B. Connally defends tax relief plan before Senator; says individual taxpayer from 1969-74 to have taxes cut a lot, while corps. to have taxes incrd.
REPORTER: John Chancellor
(DC) [CONNALLY - says we're asking for balanced program. Individuals get $36.8 billion cut. Corporation taxes incrd. $3 billion.] [Senator Fred R. HARRIS - asks why not take business subsidy of $6 billion and cut taxes of people earning under $13,000. Their spending would increase demand.] [CONNALLY - says should be balanced program.] Admin. feels industry should get tax break to buy more machinery to create more jobs; but 25% factory machines not used now. Critics say industry needs more customers, not machinery.
REPORTER: Irving R. Levine