It is estimated that such a tax credit would reduce Federal revenue by $3.2 billion. This reduction should be made up by increasing the tax on corporate profits in an amount that will produce this sum--with appropriate adjustments for small corporations.
This is the proper method of tax relief at this time. It gives relief to those who need it most without cutting the total tax revenue of the Government.
When the present danger of inflation has passed we should consider tax reduction based upon a revision of our entire tax structure.
When we have conquered inflation, we shall be in a position to move forward toward our chosen goals.
As we do so, let us keep ever before us our high purposes. We are determined that every citizen of this Nation shall have an equal right and an equal opportunity to grow in wisdom and in stature and to take his place in the control of his Nation's destiny.
We are determined that the productive resources of this Nation shall be used wisely and fully for the benefit of all.
We are determined that the democratic faith of our people and the strength of our resources shall contribute their full share to the attainment of enduring peace in the world.
It is our faith in human dignity that underlies these purposes. It is this faith that keeps us a strong and vital people.
This is a time to remind ourselves of these fundamentals. For today the whole world looks to us for leadership.
This is the hour to rededicate ourselves to the faith in mankind that makes us strong.