Word: congressed
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Dates: during 1960-1969
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...rare moment of accord last week. In Jerusalem, Premier Golda Meir told a Hebrew University audience: "Even our best friends do not have the right to decide for us what our conditions for peace and security should be." In Cairo, Egyptian President Gamal Abdel Nasser asserted to the Congress of his Arab Socialist Union: "No one can impose on the Arab nation what it considers to be inconsistent with its historical rights...
...will not be easy. Tax exemptions and exclusions have seldom been repealed. Instead, in the past 50 years, Congress has opened myriad new tax shelters to accommodate taxpayers who feel aggrieved by somebody else's privilege. An unfortunate result is mind-numbing complexity: the present Revenue Code (1,200 pages) runs longer than War and Peace. Albert Einstein called the federal income tax "the hardest thing in the world to understand." Contemplating his own return, he remarked: "This is too difficult for a mathematician, It takes a philosopher...
...Ideally, Congress should scrap the entire unwieldy tax code and start over with a law almost free of exemptions and .with rates as much as one-third lower than those now in force. "Short of a whole new law, Congress might quell much of today's uproar by closing some of the more flagrant routes to tax avoidance, which deprive Treasury of $50 billion a year in potential revenue...
...capital if a private economy is to thrive. On the other hand, many experts agree with Economist Joseph Pechman of the Brookings Institution, who holds that the present ceiling is too low. To discourage speculation in securities, the holding period might be extended from six months to one year. Congress also needs to redefine and limit the scope of investments eligible for capital gains. They now include not only securities and real estate, but ordinary dealing in timber and cattle breeding as well. Oil and other depletion allowances, which by Treasury estimates deprive the Government of $1.3 billion in revenue...
Given the ignorance and inertia of many state and local legislative bodies, the un happy fact is that few cities are likely to copy the Southfield formula. Chances for significant tax reform in Congress look only slightly better...