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President is asking Congress to raise taxes in order to achieve the "balance-in our finances” of which he speaks. The balance, then, is to be achieved, !h the main, not by reduced spending but by extracting $9.1 billion' more from the taxpayers than is being taken in this fiscal year. A record prosperity—or record inflation—depending on the economic point of view—will enable the present tax rates to produce revenue at a much higher rate it is predicted. On top of this, though, the President is’ asking new taxes on motorists, airlines, insurance companies, farmer and other Co-operatives, mining operations, railroads and their workers 'and users of the mails.
Once more, too, the President is asking an increase in the permanent ceiling on the national debt— a$2 billion boost to $285 billion.
Mr. Eisenhower states bluntly in his budget message that, “the estimate <of $77.1 billion in receipts for 1960 is contingent on enactment of the tax recommendations” —no higher taxes, no balanced ^budget.
Virtually everyone would be affected by the President’s reccommended 1%-ccnt per-gallon increase iq the federal gasoline tax, land by a 5-cent charge for mailing a first-class letter. Increased taxes on aviation gasoline, and a iiew tax on jet fuels should be passed on to the passengers and shippers, the President said, meaning higher fares for airline passengers and higher charges for air express and air freight.
66.3%