Word: congressed
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Dates: during 1960-1969
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Disappointingly, the Nixon Administration has so far indicated only that it will back tighter restrictions on con glomerate mergers, part-time farmers and foundations. If Congress cannot agree on a basic way to correct today's inequities, it may unfortunately choose a halfway approach suggested by Stanley Surrey. He would require all earn ers to pay at least a minimum tax at rates approximately one-half of normal, thus putting a ceiling on the benefits of tax preferences. In return, no person would have to pay more than 50% of his total income in federal income taxes. Officials...
...would be much better if Congress would clear the slate, start over again and retain only a few basic deductions, probably including: 1) personal exemp tions for individuals, boosting the amount somewhat above the outdated $600 level enacted 21 years ago; 2) charitable contributions, without the appreciated-property loophole; 3) state and local sales and income taxes but not state gasoline taxes; and 4) business expenses, but with tighter controls against abuses. The current law covers a rather liberal range of activities. Last week, for example, Topless Dancer Marlene Sherman of San Francisco proudly announced that the IRS had agreed...
With or without White House backing, Congress should strive to redraw the tax code into something much fairer and less complicated. But serious tax reform will have to attack special interests all at once if it is to have much chance of enactment. Piecemeal efforts invite public apathy, which makes it easier for Congress to acquiesce to the demands of loophole beneficiaries. When tax-code reform is accomplished, Congress will be free to act on some new and imaginative tax ideas, such as Nixon's plan to offer special incentives for the rebuilding of ghettos and Economist Walter Heller...
...been that of the late Justice Learned Hand: "There is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Nobody owes any public duty to pay more than the law demands." Financier J. P. Morgan put it more bluntly: "If Congress insists on making stupid mistakes and passing foolish tax laws, millionaires should not be condemned if they take advantage of them...
...Capitol Hill, too, the conglomerates have come under increasing fire, and Congress is considering bills to end favorable tax treatment of the debentures that are often exchanged in conglomerate takeovers.* Rather than wait for such legislation, though, Attorney General John N. Mitchell elected to bring a test case under existing antitrust...