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REDUCTION OF INDIVIDUAL INCOME TAXES

BEFORE THE

HEARINGS
U.S. Com que
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

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· A5 1948 a

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
U

902

2

CONTENTS

100

Page.

446

502

458
573

347

277

253

187

608

464

91

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.O.
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-

ming

304
344
320
176

486

125

170
245

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511

243

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367

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Page
364

388

563
46

606

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

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