Brian Coppola :: Late 19th/Early-to-Mid 20th C cartoonists & illustrators

“Give and Take Situation” (February 28, 1964) By Eddie Germano

Artist: Eddie Germano (All)

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“Give and Take Situation” (February 28, 1964) By Eddie Germano Comic Art

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Artwork Details

Title:	“Give and Take Situation” (February 28, 1964) By Eddie Germano
Artist:	Eddie Germano (All)
Media Type:	Pen and Ink
Art Type:	Illustration
For Sale Status:	NFS
Views:	342
Likes on CAF:	1 2
Comments:	1
Added to Site:	8/17/2019
Comic Art Archive:

Description

“Give and Take Situation” (February 28, 1964)
By Eddie Germano (1924 - )
11 x 15, ink and crayon on board

A native Bostonian, Germano became a full-time cartoonist in 1948, at age 24, after serving in WWII. Among other positions, he worked as the editorial and sports cartoonist for the Brockton Enterprise from 1963-1990.

The United States Revenue Act of 1964, also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. The act became law on February 26, 1964.

Kennedy proposed the bill on the advice of economist Walter Heller, who believed that temporary deficit spending would boost economic growth. The act was initially blocked by conservatives, but Lyndon Johnson was able to guide it through Congress after the assassination of Kennedy in November 1963. The act cut federal income taxes by approximately twenty percent across the board, and the top federal income tax rate fell from 91 percent to 70 percent.

The concern (expressed here) was that the income realized by the tax cuts would be offset by cost of living increases.

The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. Evidence shows that these goals were exceeded by large degree with the combination of tax cuts and domestic spending programs President Johnson advocated, such as Medicare. Unemployment fell from 5.2% in 1964 to 4.5% in 1965, and fell to 3.8% in 1966. Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965.

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	Brian Coppola Premium Gallery Owner
Joined:	March 2009
Last Login:	September 2025
Country:	UNITED STATES
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Aidan (Re-Legion ) Lacy
Member Since 2005

Posted on 8/17/2019

The Lord giveth, the tax man taketh Blessed Be Uncle Sam for ever

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