As Undersecretary (1961-1964) to Treasury Secretary C. Douglas Dillon, Henry H. Fowler (1908-2000) had spent much of his time with Congress, promoting the passage of the Kennedy administration's tax reform program. Appointed Secretary of the Treasury by President Johnson, he had to face the problems of inflation and a trade deficit, both of which had been exacerbated by massive spending in Vietnam. To spur economic growth, Fowler's immediate predecessors had administered "Keynesian" policies combining tax incentives and tax cuts.
Fowler had to employ the next and less popular step in the Keynesian approach: tax increases to slow the economy and curb inflation. In order to pay the increasing expenses of the Vietnam War, Fowler lobbied and won congressional approval for a ten- percent tax surcharge in June 1967. Another Fowler concern was the trade deficit, which had continued to grow throughout the Johnson years. He implemented a tax on foreign securities and urged corporations to place voluntary restraints on overseas investments. Fowler resigned one month before the end of Johnson's term to become a private banker.
- Text Courtesy of the Office
of the Curator
Unauthorized Site:
This site and its contents are not affiliated, connected,
associated with or authorized by the individual, family,
friends, or trademarked entities utilizing any part or
the subject's entire name. Any official or affiliated
sites that are related to this subject will be hyper
linked below upon submission
and Evisum, Inc. review.
