A Word Or Two From Milton Friedman And The Negative Income Tax – 1968 – Past Daily Reference Room

A man with a plan.

A man with a plan.

Click on the link here for Audio Player – NET Newsfront – Interview With Milton Friedman – May 8, 1968 – Gordon Skene Sound Collection

In 1968 the age-old argument over Income Tax in America took a new twist. Since it was an election year, the subject of Income Tax made for good platform building and was a popular vote getter.

Just around this time, famed economist and Statistician Milton Friedman came up with the idea of the Negative Income Tax and introduced it to the financial community. It was controversial and had just as many critics as enthusiasts. But, since it was an election year, Presidential Candidate Hubert Humphrey joined his fellow Presidential candidates in calling for a study over the feasibility of just such a Negative Income Tax.

To explain what the concept was, Milton Friedman went on the talk show circuit to drum up public support. In this clip, he was interviewed by newsman Mitchell Krauss for the NET (pre-PBS) program Newsfront, where he explains what his plan was and how it could be implemented.

Here is that interview, from May 8, 1968.

And now you know.

 

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