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“So that as I tried to say in my speech, we are not faced with the question of balancing our budget, or having a tax reduction. I believe we are faced with the fact that we are going to have a deficit mostly because of the sharp rise in the recent years in space and defense, and to increase our taxes sufficient to bring that budget into balance would be defeating, because of course it would provide a heavy deflationary effect on our economy, and move us into a recession at an accelerated rate.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“Well, the purpose of reform really is directed to the encouraging of growth and employment. I quite agree that to launch into a full scale battle on general reform for academic reasons would be unwise. The central purpose behind the reform must therefore be to encourage those changes in our tax laws which will encourage economic growth for that purpose, and not merely because it might have some longer range interest or significance. The primary job will be to encourage the flow of capital into those areas which stimulate the national growth and not diminish it. But it is going to be a tough fight, because once you spell out, as I said before, reform, it's bound to affect adversely the interests of some, while favoring the interests of others. Therefore reform may be a longer task, and we are anxious that in the effort to get reform, that we do not lose the very important matter of tax reduction for the sake of the economy.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“When I was a Congressman I never realized how important Congress was, but now I do.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“I do not underestimate the obstacles which the Congress will face in enacting such legislation. No one will be satisfied. Everyone will have his own approach, his own bill, his own reduction. A high order of restraint and determination will be required if the possible is not to wait on the perfect. But a nation capable of marshaling these qualities in any dramatic threat to its security is surely capable, as a great free society, of meeting a slower and more complex threat to our economic vitality. This Nation can afford to reduce taxes, we can afford a temporary deficit, but we cannot afford to do nothing. For on the strength of our free economy rests the hope of all free nations. We shall not fail that hope, for free men and free nations must prosper and they must prevail.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“I repeat: our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve--and I believe this can be done--a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget just as it will never produce enough jobs or enough profits. Surely the lesson of the last decade is that budget deficits are not caused by wild-eyed spenders but by slow economic growth and periodic recessions, and any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“When I announced in April of 1961 that this kind of comprehensive tax reform would follow the bill enacted this year, I had hoped to present it in an atmosphere of a balanced budget. But it has been necessary to augment sharply our nuclear and conventional forces, to step up our efforts in space, to meet the increased cost of servicing the national debt and meeting our obligations, established by law, to veterans. These expenditure increases, let me stress, constitute practically all of the increases which have occurred under this administration, the remainder having gone to fight the recession we found in industry--mostly through the supplemental employment bill-and in agriculture. We shall, therefore, neither postpone our tax cut plans nor cut into essential national security programs. This administration is determined to protect America's security and survival and we are also determined to step up its economic growth. I think we must do both.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“If the economy today were operating close to capacity levels with little unemployment, or if a sudden change in our military requirements should cause a scramble for men and resources, then I would oppose tax reductions as irresponsible and inflationary; and I would not hesitate to recommend a tax increase, if that were necessary. But our resources and manpower are not being fully utilized; the general level of prices has been remarkably stable; and increased competition, both at home and abroad, along with increased productivity will help keep both prices and wages within appropriate limits.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“I am confident that the enactment of the right bill next year will in due course increase our gross national product by several times the amount of taxes actually cut. Profit margins will be improved and both the incentive to invest and the supply of internal funds for investment will be increased. There will be new interest in taking risks, in increasing productivity, in creating new jobs and new products for long-term economic growth. Other national problems, moreover, will be aided by full employment. It will encourage the location of new plants in areas of labor surplus and provide new jobs for workers that we are retraining and facilitate the adjustment which will be necessary under our new trade expansion bill and reduce a number of government expenditures.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“The new tax bill should improve both the equity and the simplicity of our present tax system. This means the enactment of long-needed tax reforms, a broadening of the tax base and the elimination or modification of many special tax privileges. These steps are not only needed to recover lost revenue and thus make possible a larger cut in present rates; they are also tied directly to our goal of greater growth. For the present patchwork of special provisions and preferences lightens the tax load of some only at the cost of placing a heavier burden on others. It distorts economic judgments and channels an undue amount of energy into efforts to avoid tax liabilities. It makes certain types of less productive activity more profitable than other more valuable undertakings. All this inhibits our growth and efficiency, as well as considerably complicating the work of both the taxpayer and the Internal Revenue Service. These various exclusions and concessions have been justified in part as a means of overcoming oppressively high rates in the upper brackets--and a sharp reduction in those rates, accompanied by base-broadening, loophole-closing measures, would properly make the new rates not only lower but also more widely applicable. Surely this is more equitable on both counts.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“Corporate tax rates must also be cut to increase incentives and the availability of investment capital. The Government has already taken major steps this year to reduce business tax liability and to stimulate the modernization, replacement, and expansion of our productive plant and equipment. [...] For all these reasons, next year's tax bill should reduce personal as well as corporate income taxes, for those in the lower brackets, who are certain to spend their additional take-home pay, and for those in the middle and upper brackets, who can thereby be encouraged to undertake additional efforts and enabled to invest more capital.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“Too large a tax cut, of course, could result in inflation and insufficient future revenues--but the greatest danger is a tax cut too little or too late to be effective.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“I am talking about the accumulated evidence of the last 5 years that our present tax system, developed as it was, in good part, during World War II to restrain growth, exerts too heavy a drag on growth in peace time; that it siphons out of the private economy too large a share of personal and business purchasing power; that it reduces the financial incentives for personal effort, investment, and risk-taking. In short, to increase demand and lift the economy, the Federal Government's most useful role is not to rush into a program of excessive increases in public expenditures, but to expand the incentives and opportunities for private expenditures. [...] While rising demand will expand imports, new investment in more efficient productive facilities will aid exports and a new economic climate could both draw capital from abroad and keep capital here at home.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system; and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 1963.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“There are a number of ways by which the Federal Government can meet its responsibilities to aid economic growth. We can and must improve American education and technical training. We can and must expand civilian research and technology. One of the great bottlenecks for this country's economic growth in this decade will be the shortage of doctorates in mathematics, engineering, and physics; a serious shortage with a great demand and an under-supply of highly trained manpower. We can and must step up the development of our natural resources. But the most direct and significant kind of Federal action aiding economic growth is to make possible an increase in private consumption and investment demand--to cut the fetters which hold back private spending. In the past, this could be done in part by the increased use of credit and monetary tools, but our balance of payments situation today places limits on our use of those tools for expansion. It could also be done by increasing Federal expenditures more rapidly than necessary, but such a course would soon demoralize both the Government and our economy. If Government is to retain the confidence of the people, it must not spend more than can be justified on grounds of national need or spent with maximum efficiency.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“There is no need for us to be satisfied with a rate of growth that keeps good men out of work and good capacity out of use.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“But a leading nation, a nation upon which all depend not only in this country but around the world, cannot afford to be satisfied, to look back or to pause. On our strength and growth depend the strength of others, the spread of free world trade and unity, and continued confidence in our leadership and our currency. The underdeveloped countries are dependent upon us for the sale of their primary commodities and for aid to their struggling economies. In short, a prosperous and growing America is important not only to Americans--it is, as the spokesman for 20 Western nations in the Organization for Economic Cooperation and Development, as he stressed this week, of vital importance to the entire Western World.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“Less than a month ago this Nation reminded the world that it possessed both the will and the weapons to meet any threat to the security of free men. The gains we have made will not be given up, and the course that we have pursued will not be abandoned. But in the long run, that security will not be determined by military or diplomatic moves alone. It will be affected by the decisions of finance ministers as well as by the decisions of Secretaries of State and Secretaries of Defense; by the deployment of fiscal and monetary weapons as well as by military weapons; and above all by the strength of this Nation's economy as well as by the strength of our defenses.”

John F. Kennedy

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

“I have not asked for a single program which did not cause one or all Americans some inconvenience, or some hardship, or some sacrifice. But they have responded-and you in the Congress have responded to your duty--and I feel confident in asking today for a similar response to these new and larger demands. It is heartening to know, as I journey abroad, that our country is united in its commitment to freedom-and is ready to do its duty.”

John F. Kennedy

Source: 1961, Speech to Special Joint Session of Congress

“Finally, our greatest asset in this struggle is the American people--their willingness to pay the price for these programs--to understand and accept a long struggle--to share their resources with other less fortunate people-to meet the tax levels and close the tax loopholes I have requested--to exercise self-restraint instead of pushing up wages or prices, or over-producing certain crops, or spreading military secrets, or urging unessential expenditures or improper monopolies or harmful work stoppages--to serve in the Peace Corps or the Armed Services or the Federal Civil Service or the Congress--to strive for excellence in their schools, in their cities and in their physical fitness and that of their children--to take part in Civil Defense-to pay higher postal rates, and higher payroll taxes and higher teachers' salaries, in order to strengthen our society--to show friendship to students and visitors from other lands who visit us and go back in many cases to be the future leaders, with an image of America--and I want that image, and I know you do, to be affirmative and positive-and, finally, to practice democracy at home, in all States, with all races, to respect each other and to protect the Constitutional rights of all citizens.”

John F. Kennedy

Source: 1961, Speech to Special Joint Session of Congress