REDUCTION OF INDIVIDUAL INCOME TAXES

BEFORE THE

HEARINGS
as Congress,
Säuate! COMMITTEE ON FINANCE

UNITED STATES SENATE

EIGHTIETH CONGRESS

SECOND SESSION

ON

H. R. 4790

AN ACT TO REDUCE INDIVIDUAL INCOME-TAX

PAYMENTS, AND FOR OTHER PURPOSES

· 45 1948a

COMMITTEE ON FINANCE

EUGENE D. MILLIKIN, Colorado, Chairman ROBERT A. TAFT, Ohio

WALTER F. GEORGE, Georgia HUGH BUTLER, Nebraska ·

ALBEN W. BARKLEY, Kentucky OWEN BREWSTER, Maine

TOM CONNALLY, Texas HARLAN J. BUSHFIELD, South Dakota HARRY FLOOD BYRD, Virginia ALBERT W. HAWKES, New Jersey

EDWIN C. JOHNSON, Colorado
EDWARD MARTIN, Pennsylvania

SCOTT W. LUCAS, Illinois
SHERWOOD B. STANLEY, Clerk

II

CONTENTS

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Page.

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409

Statement of-

Alvord, Ellsworth C., chairman, Committee on Federal Finance, Cham-

ber of Commerce of the United States, Washington, D. C------
Benson, Judd C., chairman of the Committee on Federal Law and

Legislation, National Association of Life Underwriters, Cincin-

nati, Ohio.
Button, Ralph W., on behalf of National Retail Dry Goods Associa-

tion
Courts, R. W., partner of Courts & Co., Atlanta, Ga---
Dunbar, Charles E., Jr., attorney for the Louisiana Property Taxpayers

Committee, New Orleans, La---
Foley, Paul J., CPA, Paul J. Foley & Co., certified public accountants,

Chicago, New York, and Washington, D. C-----
Foosaner, Samuel J., chairman, Federal Tax Lawyers Committee, New-

ark, N. J-
Fulbright, J. William, United States Senator from the State of Ar-

kansas
Gainsbrugh, Martin R., chief economist, National Industrial Confer-

ence Board, New York, N. Y.-
Halvorsen, Lloyd C., economist, the National Grange, Washington,

D. C.
Hanes, John W., former Under Secretary of the United States Treas-

ury, New York, N. Y.---
Harriman, W. Averell, Secretary of Commerce, accompanied by

Michael J. Mecham, Director, Office of Business Economics; S. Morris
Livingston, Chief, National Economics Division, Irwin Friend, Chief,
Business Structure Division, Department of Commerce, Washing-

ton, D. C.
Higgins, Allan H. W., chairman, American Bar Association, section of

taxation, committee on equalization of taxes in community-property

and common-law States, Boston, Mass_-
Howe, James P., attorney, Seattle, Wash..
Jackson, J. P., attorney, Dallas, Tex----
Kem, James P., United States Senator from the State of Missouri_---
King, Willford I., economics professor emeritus, New York University,

and chairman of the Committee for Constitutional Government----
Laylin, Clarence D., tax counsel of the Ohio Chamber of Commerce,

Columbus, Ohio...
Lodge, Henry C., Jr., United States Senator from the State of Massa-

chusetts.-
Magill, Roswell, Westport, Conn.-
Marsh, Benjamin C., executive secretary, People's Lobby, Inc., Wash-

ington, D. C.---
Maybank, Burnet R., United States Senator from the State of South

Carolina..
Miller, Walter P., Jr., representing National Paper Box Manufacturers

Association, Philadelphia, Pa..
Mitchell, Don G., chairman, Taxation Committee, National Association

of Manufacturers, accompanied by John C. Davidson, manager, Gov-
ernment Financial Department; George Hagedorn, economist; and
Dr. Harley C. Lutz, tax consultant, National Association of Manu-

facturers, New York, N. Y-
Nixon, Russ, Washington representative of the United Electrical Radio

and Machine Workers of America, CIO, Washington, D. C.------
O'Mahoney, Joseph C., United States Senator from the State of Wyo-

304
344
320
176

486

125

170
245

130

511

243

217

367

157