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Sen. Byrd Doubts
New Budget Surplus ]
Sen. Harry F. Byrd, Jr., ] (D-Va.) says he seriously doubts the possibility of a $3.4 billion surplus in the new budget as predicted by President Johnson, i
He said budget surpluses had t been predicted six times in the ; last eleven years, but only , once--in 1960-did it. materialize .
The senator, who was named ( to a seat on the Finance Committee this year, said the Administration was off by $20 billion in estimating the deficit two years ago, a 350 percent error.
Speaking before the Culpeper Jaycees Tuesday, he noted that even with a balanced budget in fiscal 1970, interest payments on the national debt would increase by $800 million to a new high of $16 billion.
He said that was four times the money budgeted for space research and eight times the funds slated to be spent on natural resources.
“The only way we will ever reduce those payments is to begin cutting down on non-essential and non-vital spending,’’ he said, noting that nearly two-thirds of all individual income tax revenue comes from those with an annual income of less than $15,000.
“If the Congress voted to tax 100 percent all the taxable income in this country over $50,0Q€ ($100,000 on joint returns), the additional revenue gained would be $700 million or about enough to run the government for two days,” he said.
“If a 100 percent tax were levied on taxable incomes over $10,000 ($20,000 on joint returns), the additional revenue gained would be $13.2 billion - or not enough to pay the interest on the national debt this year.”
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