Word: hoariest
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Dates: during 1960-1969
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NEXT to the oil depletion allowance, the hoariest unsettled tax argument in Washington involves the virtual immunity of giant cooperatives from income taxes. More than 10,000 co-ops gross more than $13 billion a year, yet pay less than 6% of their profits in federal and state income taxes, compared with the 52% federal corporate tax alone. This year, in his budget message, President Eisenhower asked for new taxes for coops, and last week the House Ways & Means Committee started hearings on the question: How much should co-ops be taxed...