Word: taxing
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Dates: during 1960-1969
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...this rewarding assignment, Associate Editor Gurney Breckenfeld, who wrote this week's Business story, "Why Tax Reform Is So Urgent and So Unlikely," brings more enthusiasm and experience than most. About a decade ago, Breckenfeld's involvement in the murky problems of housing finance, real estate taxes, urban renewal, planning and zoning convinced him that taxes do more than anything else to shape man's environment. "I'm more than upset," he says, "at how badly real estate taxes have been misused over the years. It's like peeling an onion-you take away layer...
...than ever. Now the ides of April are approaching-the deadline for filing is the 15th of this month-and the resentment of taxpayers points increasingly toward a ballot-box revolt. In a spontaneous outpouring of popular indignation, citizens by the thousands have deluged Washington with complaints about rising taxes. With much justice, they insist that the whole U.S. tax structure is inequitable, capricious and economically damaging...
Clearly, the system cries out for reform. It not only distributes the load unfairly, but also has unintended economic and social side effects, ranging from the ridiculous to the calamitous. Ever since federal income tax rates soared during World War II, the opportunity to grow wealthy through hard work has been largely denied to salaried people. Instead, the road to riches twists through the thickets of tax avoidance. As a result, an inordinate number of man hours are spent in figuring out ways to outwit the collector. Because of its sheer intricacy, the tax code is one law that many...
...modern industrial country, taxes-and the desire to elude them-exert an increasing control over the affairs of individuals, institutions and corporations. They influence a person in how he chooses to invest his savings (municipal bonds, cattle ranches and oil wells are among the most favorable for tax purposes). They determine many a young couple's choice of a wedding date (better at the end of one year than the beginning of the next one). They affect a family's choice of where to live and whether to rent or buy a home. Any high-salaried executive forfeits...
...businessmen, high rates distort decisions about how to invest, how to organize a company, how to reward employees. Companies in need of capital get a richer federal tax break when they issue bonds instead of stocks; they can deduct the interest on bonds from their taxable income, but dividends on stocks must be paid out of after-tax profits. This fact has stimulated the growth of conglomerate mergers, which the Government is now vigorously attacking (see following story). It is fairly cheap and easy for one company to finance the takeover of another by issuing interest-bearing securities of dubious...