Word: taxes
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Dates: during 1960-1969
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Reform Measures. To cover the revenue loss, the committee approved extension of the surtax at a reduced 5% rate through June 1970, a measure expected to produce $3 billion. It also endorsed, though in a more relaxed form than the House, provisions eliminating some of the more glaring tax inequities...
Last week Long kept his pledge with only hours to spare. He reported out a bill that provides relief to the country's 72.8 million individual taxpayers and brings long-needed reform to tax statutes. Lowering tax rates and increasing certain deductions, the bill would reduce individual taxes by $9 billion by 1972. Closing loopholes, it would raise an additional $6.5 billion in federal revenues by 1979. The loss is expected to be offset by normal expansion of the economy...
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...
...TAX CREDIT AND CAPITAL GAINS. Reaffirming an earlier vote, the committee repealed the 7% tax credit for business investment in machinery and equipment, but maintained the exemptions for the railroads and aircraft industry. Finally, it went beyond the Nixon Administration, but not as far as the House, in taxing the capital gains of upper-income taxpayers. Retaining the six-month period for which assets must be held to qualify for capital-gains exemptions, it denied the use of the 25% tax ceiling on such gains to people earning more than $10,000 in tax-preferred income...
...DEPLETION. Despite a last-ditch attempt by Chairman Long to hold the oil-depletion allowance at its present 27½%, the Finance Committee bowed to 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...