Considers President's 1966 tax proposals, increasing for 2 years automobile and telephone excise taxes to 7% and 10% respectively, graduating withholding tax within 6 income brackets (married and single), decreasing time between end of corporation fiscal year and corresponding tax payment date, and requiring self-employed to pay social security taxes on quarterly basis.

This essay unscrambles gross misconceptions that have made rational debates about tax policies virtually impossible for decades.

Continuation of hearings to consider a 10% income tax surcharge and Federal FY68 spending and budget reductions.