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				75 = The "Profile" of the tire. As you know a profile in any case is a side view. So when looking at the tire from the side you would measure the amount of rubber that you see. 75 mm.
			
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 Not even remotely close.  The "75" in this case refers to the sidewall height as a percentage of the tread width.  In this case, the 175 is the tread width in millimeters, the 75 is the height of the sidewall as a percentage of 175, and the 14 is the wheel diameter in inches.
And, Newman, this tire is taller.  It's wider as well.  The height hasn't changed much, but a little.  His speedo will read about 1.5mph slow at 60mph.  In other words, 60mph = 61.5mph.