Word: bille
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Relief Provisions. Although the Finance Committee measure stops short of the "relief and reform" bill passed by the House last August, it still represents a major step toward equalizing the federal tax burden. Using the House bill as a guide, the Finance Committee removed 5,200,000 low-income taxpayers from the tax rolls entirely, and voted rate reductions averaging 5% for those in all but the highest income categories by 1972. It also approved an increase in the 10% or $1,000 standard deduction now claimed by most taxpayers, lifting it by stages to a new maximum...
...addition, the Senate committee approved overdue aid for unmarried people, who now pay a disproportionately high levy. Single people can now pay up to 40% more in taxes than married people with the same income. Under the Senate bill, the difference would not exceed...
...public pressure to attack what many regard as the most egregious of tax shelters. Beaten, Long himself led a move to reduce the allowance to 23% - a higher figure than the House-approved cut to 20% - hoping to forestall an even greater reduction. The Senate version of the bill substantially reduces the additional taxes to be collected from the oil industry. Where the House bill would have raised the industry's taxes by $400 million a year, the Senate measure will raise only $155 million...
...they represent aggregations of tremendous wealth over which there is no public control, the foundations are also mistrusted by conservatives because many of them support liberal causes with tax-free resources. In a move that was as political as it was economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond the House bill in approving a provision requiring such "nonoper-ating" foundations as Rockefeller, Ford and Carnegie - whose main activity is making tax-exempt grants - either...
...committee encourage the establishment of new foundations to replace those that would be forced out of existence. One provision of the bill discourages gifts to foundations of appreciated property, such as stocks. Another hinders attempts by the owners of closely held corporations from creating foundations based on ownership of their shares. These measures would eliminate some of the abuses permitted under existing laws, but they would also seriously restrict the useful and valuable activities of foundations, making educational and scientific institutions increasingly dependent on Government financing...