In 1960s, after Kennedy was assassinated, American President Johnson, who became vice president, called his policy plan the program of "great society". He urged Congress to approve a comprehensive civil rights bill, a tax reduction bill to stimulate economic development, a multi-billion-dollar poverty alleviation plan, a plan to start various educational undertakings with federal funds, and a plan to increase social insurance and welfare (including providing free medical care for the elderly).

One of them is to reform taxes and trade through economic legislation, support agriculture and stimulate economic development. In supporting agriculture, the basic measure of the Johnson administration is to continue to maintain high prices of agricultural products, while continuing to reduce the area of cultivated land. 1965 The law requires 40 million acres of fallow land from 1966 to 1969.

In terms of taxation, the scope of income tax has been adjusted. 1964 On February 25th, both the Senate and the House of Representatives passed the tax bill with absolute advantages, changing the income tax payable by the lowest income class (singles below $5,000) from 20% to 16% (1965), and the income tax payable by the highest income class (singles above $200,000). Personal income tax decreased by $396,543.8+billion, and corporate tax decreased by $2.4 billion. On June 28th, 1968,1the Johnson administration increased the personal income tax and corporate income tax by 10% due to the war of aggression against Vietnam and the sharp increase in the expenditure of "big society". And increase social security tax.

In terms of expanding foreign trade, the Kennedy Round negotiations started at 1963 ended at 1967 in June, and a general agreement on tariffs and trade was reached, with an average tariff reduction of 35% for 60,000 commodities.