Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions wer… - John Kenneth Galbraith

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Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions were negligible except in the higher income brackets; businessmen who promised to maintain investment and wages, in accordance with a well-understood convention, considered the promise binding only for the period within which it was not financially disadvantageous to do so.