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Statement of-Contined

Pierson, Clint L., attorney, Baton Rouge, La--
Roos, Dr. Charles F., president, the Econometric Institute, New York,

N. Y---

Ruttenburg, Stanley H., assistant director of research, Congress of In-

dustrial Organizations, Washington, D. C.-

Schoeneman, George J., Commissioner of Internal Revenue, Bureau of

Internal Revenue, Washington, D. C-----

Schram, Emil, president, New York Stock Exchange, New York, N. Y.,

accompanied by Franklin Cole, president of Franklin Cole & Co., New

York, N. Y-

Silberstein, Robert J., attorney, executive secretary of the National

Lawyers Guild, Washington, D. C.

Strong, Homer, Rochester, N. Y.

Sutherland, William A., chairman of the section of taxation of the

American Bar Association, on behalf of the American Bar Associa-

tion

Thomson, J. Cameron, chairman, tax committee, Committee for Eco-

nomic Development, accompanied by Herbert Stein, economist, Com-

mittee for Economic Development, New York, N. Y.-

Webb, James E., Director of the Bureau of the Budget

Letters, statements, charts, etc., submitted for the record by-

H. R. 4790_-

Alvord, Ellsworth C., Chamber of Commerce of the United States, state-

ment

Bernstein, Allen M., president, Bernstein-Macauley, Inc., New York,

N. Y.--

Button, Ralph W., on behalf of National Retail Dry Goods Association:

Article from Look magazine, Who Gets Our National Income?

Table VIII. A reduced Federal budget for 1948_-

Connally, Tom, United States Senator from the State of Texas, state-

ment.

Courts, R. W., Atlanta, Ga.:

Exhibit A. Book values, net working capital per share_

Exhibit B. New York Stock Exchange.

Exhibit C. Gulf Oil Corp--

Exhibit D. Texas Co---

Exhibit E. Cincinnati Gas & Electric Co_

Exhibit F. Individuals: Taxes on capital gains and losses,

1926–45_

Exhibit G. American Telephone & Telegraph Co---

Dunbar, Charles E., Jr., Property Taxpayers Committee, New Orleans,

La., statement and memorandum---
Foosaner, Sampel J., chairman, Federal Tax Lawyers Committee,
Newark, N. J.:

Schedule A. Personal income tax comparisons, etc.-
Schedule B. Statistical information on United States Govern-

ment finances.
Schedule C. Comparative taxes under present and increased ex-

emptions

Fulbright, J. William, United States Senator from Arkansas:

Statement

Table, Production of specified fats and oils in United States, etc.-

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

ence Board, New York, N. Y.:

Chart I. Consumers' prices and wholesale prices_- _facing--

questionnaire

Digest of testimony-

Chart II. Wholesale prices, World War I and World War II..

facing

Prices : A study in deviations-

Recapitulation : Consumers' price index and wholesale prices.

Table 1. Summary of forecasts for 1948_.

Table 2. Business indicators most frequently used for forecast-

ing purpose

347

259

259

259

187

215

Page
637

468
471

472

483

Letters, statements, charts, etc., submitted for the record by-Continued
Gainsbrugh, Martin R., chief economist-Continued

Pamphlet, Are Farmers Rich or Poor?-
Halvorson, Lloyd C., economist, the National Grange:

Appendix A. Report of Committee on Taxation.
Appendix B. Excerpt from address of Albert S. Goss_
Appendix C. Table 11. Selected income series, 1940–46_
Letter enclosing list of new issues of common and preferred stock

offered for cash sale during 1947_-
Letter to Senator Millikin enclosing table, New issues of common

and perefred stock offered for cash sale during 1947-

Hanes, John W., New York, N. Y.:

Editorial, New York Times, Capital, and Mr. Harriman.

Editorial, New York Herald Tribune, Venture Capital.

Table Individual income-tax liability, income years 1939–46 and

under H. R. 7490__-

Statement, Experiments in socialism.

Harriman, W. Averell, Secretary of Commerce:

Table 1. Gross national product or expenditures, 1929–47----

Table 2. Percentage distribution of grass national product, by

major expenditure segments---

Table 3. Disposition of personal income.

Table 4. Nonfarm plant and equipment investment, etc.

Table 5. Major items of gross saving, 1947-.

Table 6. Sources and uses of corporate funds, 1947-

Table 7. Changes in corporate securities outstanding and in their

ownership, 1946–47

Table 8. Comparison of prewar and postwar relation of stock

issues to total amount of new money issues, 1919–47-

Table 9. Comparison of prewar and postwar relations of bond and

stock yields---

Higgins, Allan H. W., American Bar Association, statement of behalf

of American Bar Association..

Kem, James P., United States Senator from Missouri, statement-

King, Willford I., economics professor emeritus, New York University :

Table, Federal tax rates on 1947 family income, etc----

Chart 1-A. How income-tax rates have affected the percentage

of the national income accruing to those individuals receiving

incomes of $1,000,000 and over-

Chart 1-D. How income-tax rates have affected the percentage

of the national income accruing to those individuals receiving

incomes of $150,000 and under $300,000_---

Chart 2–A. How the percentage of the national income going to

individuals having incomes of $1,000,000 and over has been

affected by the average of the income-tax rates levied for the

given and two preceding years---

Chart 2-D. How the percentage going to individuals having in-

comes of $150,000 and under $300,000 has been affected, etc---

Chart 3–A. Percentage of the national income extracted from

individuals having incomes of $1,000,000 and over, etc--

Chart 3-D. Percentage of the national income extracted from

individuals having incomes of $150,000 and under $300,000, etc--

Chart 3–E. Percentage of the national income extracted from in-

dividuals having incomes of $100,000 and under $150,000, etc---

Chart 3-F. Percentage of national income extracted from indi-

viduals having incomes of $50,000 and under $100,000, etc----

Chart 3–G. Percentage of national income extracted from indi-

viduals having incomes of $25,000 and under $50,000, etc----

Kline, Allan B., president, American Farm Bureau Federation,

statement

Jackson, J. P., attorney, Dallas, Tex. :

Memorandum on behalf of California Bar Tax Committee..

Statement

Magill, Roswell, Westport, Conn.:

Table I. Industrial and Business Failures_

314

177

250

-

Page.

251

219
601

139

140

Letters, statements, charts, etc., submitted for the record by-Continued
Magill, Roswell, Westport, Conn.-Continued

Table II. Monthly Data of Industrial and Business Failures,

1946 and 1947, expressed as a percentage of the same month

in 1945.

Table III. Number of firms in operation and percent change by

major groups, etc-.

Marsh, Benjamin C., People's Lobby, Washington, D. C. :

Spot news-King Features Syndicate, Washington's No. 1 Lobby-

ist Labors for, Not Against, the People-----

Bill—To provide revenue, etc----

Excerpt from United News and World Report---

Mitchell, Don G., chairman, Taxation Committee, National Association
of Manufacturers :
Table, Future capital requirements compared with capital funds

expected to be available

Budget approved by National Association of Manufacturers--

Nixon, Russ, United Electrical Radio and Machine Workers of Amer-

ica, CIO, statement and tables.-----

O'Mahoney, Joseph C., United States Senator from Wyoming:

Chart, National Income, Federal Receipts, and Federal Debt_

Table, excerpt from statement of National City Bank, preliminary

summary of manufacturing earnings in 1946 and 1947-

Memorandum in explanation of amendment-

Roos, Dr. Charles F., president, Econometric Institute, New York, N. Y.:

Chart I. Federal Reserve Board Index of Industrial Production
Chart II. Producers' Durable Equipment vs. Capitalized Corpo-
rate Profits and Relative Prices--

---facing--

Ruttenberg, Stanley H., Congress of Industrial Organizations, state-

ment and table_---

Schoeneman, George J., Commissioner of Internal Revenue:

Exhibit A. Tax computation, present law and under H. R. 4790---

Exhibit B. Rate and computation schedule, present law and under

H. R. 4790__

Exhibit C. Tax table, present law and under H. R. 4790_.

Exhibit D. How to use percentage method of withholding, present

law and H. R. 4790.-

Schram, Emil, president, New York Stock Exchange, New York, N. Y.:

Pamphlet, Economic Progress: Tax Revision and the Capital

Markets

Security offerings which had been registered with the Securities

and Exchange Corporation but were withdrawn, etc.-

Letter from Gwilym A. Price

Letter from F. Eberstadt---

Smith, Robert E., chairman, Life Insurance Policyholders Protective

Association, statement-

Snyder, John W., Secretary of the Treasury:

Statement-

Analysis of the estate and gift tax provisions of H. R. 4790
Exhibit 1. Estimated effects of bill on budget receipts, expendi-

tures, etc.---

Exhibit 2. Wholesale, retail, and consumers' price indexes, 1939

to date---

Exhibit 3. Percentage distribution of positive and negative savers,

etc.

Exhibit 4. Gross national pro luct and gross private domestic

investment.--.

Exhibit 5. Gross private domestic investment, total and major

components as percentages of gross national product.
Exhibit 6. Number of operating business firms_-
Exhibit 7. Comparison of amounts and effective rates of individual

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25

28

29

30

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income tax under present laws, the House bill, and the $40 per
capita tax credit, etc----

Table 1. Single persons-no dependents.
Table 2. Married persons—no dependents.
Table 3. Married persons-dependents.

32
32
33
34

Letters, statements, charts, etc., submitted for the record by—Continued
Snyder, John W., Secretary of the Treasury-Continued

Exhibit 8. Comparison of amounts and effective rates of individ-

ual income tax under present law and under the $40 per capita

tax credit

Table 1. Single persons-no dependents--

Table 2. Married persons-no dependent.

Table 3. Married persons-dependents..

Exhibit 9. Comparison of amounts and effective rates of individ-

ual income tax under present law and under House bill

Table 1. Single persons-no dependents.

Table 2. Married persons-no dependents-

Table 3. Married persons-dependents---

Exhibit 10. Estimated number of taxable income recipients and

their total individual income tax under present law and under

$40 per capita credit, etc----

Exhibit 11. Estimated number of taxable income recipients and

their total income tax under present law and under House

bill, etc

Exhibit 12. Estimated revenue loss from each individual tax

provision of House bill, etc_---

Exhibit 13. Comparison of combined normal tax and surtax rates

under present law and under House bill, etc--

Exhibit 14. Estimated number of taxable income recipients dis-

tributed by various percentage reductions provided by House

bill, etc.

Chart 1. Consumers price index 1939 to date---

Chart 2. Effective rates of individual income tax.

Appendix---

Table A. Estimated number of taxable income recipients,

their income and individual income tax under present law,

etc----

Table B. Estimated number of taxable income recipients

under present law, their surtax net income and combined

normal tax and surtax, etc------

Table C. Estimated number of taxable income recipients

under present law, their net income before exemptions, sur-

tax net income, and total tax, etc_

Table D. Number of taxable individual and fiduciary returns,

tax and net income 1913–46, and estimated for 1947–48_--

Virkis, Fred A., chairman, Conference of Small Business Organizations,

statement.

Webb, James E., Director of the Bureau of the Budget:

Table I. Federal budget expenditures—Comparison of estimated

Federal budget expenditures, etc.-

Table II. Summary of budget estimate for foreign-aid programs,

etc.

Table III. Estimated foreign-aid expenditures, by type and

source of purchase_-

Table IV. Break-down of total ERP by countries and fiscal years.

Table V. Estimated foreign-aid expenditures, by country and

purpose

Table VI. Relationship of estimated expenditure authority to es-

timated expenditures, etc----

Table VII. Summary of supplemental appropriations for the

fiscal year 1948, etc..--

Table VIII. Comparison of estimates of Federal budget expendi-

tures for the fiscal year 1948, as shown in 1948 budget docu-

ments_-

Table IX. Charges in the 1948 budget-Jan.-Dec. 1947-

Table Estimated shipping costs under ERP--

Wiggins, A. L. M., Under Secretary of the Treasury, letter to Senator

Millikin..

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