Word: perring
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Dates: during 1960-1969
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More shocking than the allowance has been Congressional response to reform efforts. Twice President Truman proposed decreasing the allowance to 15 per cent. Each time, Congress enlarged the loophole instead of reducing it. President Kennedy's proposal for a cut and Senator Proxmire's more recent one were both handily defeated...
Another distortion in the tax system is the multiple surtax exemption for related corporations. Normally, corporations pay 22 per cent on all taxable income, but they pay a surtax of 26 per cent on all taxable income over $25,000. A corporation can avoid paying 48 per cent on its income over $48,000 by forming several subsidiaries, each with a taxable income of less than $25,000. There are other good reasons for forming subsidiaries, such as to limit a corporation's liability, but a single enterprise should not receive a bunch of surtax exemptions just because...
...there is a Vietnam war, and as military expenses grow interminably, the government anticipates a deficit of $29 billion for fiscal 1968. A deficit this large causes an excessive stimulus on the economy, and for that reason President Johnson asked Congress in early August to approve a temporary 10 per cent surcharge on income taxes for both individuals and corporations. He hopes this surcharge and other fiscal proposals will reduce the deficit by $11 billion...
Under the 10 per cent surtax plan, a taxpayer would calculate his tax in the normal manner under the existing rate. He then would calculate 10 per cent of the tax and add it to the tax to obtain the amount which he owed the government...
...action by Congress on the Administration's tax plan. Because there is always considerable opposition in Congress against such unpopular tax proposals, it is one that much be hard pushed. Otherwise, the Fed will have to depend on its own monetary solutions. No doubt Congress will reduce the 10 per cent figure to six or eight per cent before voting on it; even at 10 per cent it is no panacea: the tax hike will not eliminate the deficit, it will just reduce it. Nor will it stop inflation; the surtax will be a brake to help slow the economy...