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United Citate

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INCENTIVES FOR ECONOMIC GROWTH

314

HEARINGS

BEFORE THE

SUBCOMMITTEE ON TAXATION AND
DEBT MANAGEMENT GENERALLY

OF THE

COMMITTEE ON FINANCE
UNITED STATES SENATE

NINETY-FIFTH CONGRESS

FIRST SESSION

MAY 16, 17, AND JUNE 14, AND 15, 1977

Printed for the use of the Committee on Finance

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1977

92-201 O

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RUSSELL B. LONG, Louisiana, Chairman HERMAN E. TALMADGE, Georgia

CARL T. CURTIS, Nebraska ABRAHAM RIBICOFF, Connecticut

CLIFFORD P. HANSEN, Wyoming HARRY F. BYRD, JR., Virginia

ROBERT DOLE, Kansas GAYLORD NELSON, Wisconsin

BOB PACKWOOD, Oregon MIKE GRAVEL, Alaska

WILLIAM V. ROTH, JR., Delaware LLOYD BENTSEN, Texas

PAUL LAXALT, Nevada
WILLIAM D. HATHAWAY, Maine

JOHN C. DANFORTH, Missouri
FLOYD K. HASKELL, Colorado
SPARK M. MATSUNAGA, Hawaii
DANIEL PATRICK MOYNIHAN, New York

MICHAEL STERN, Staff Director
GEORGE W. PRITTS, Jr., Minority Counsel

SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT GENERALLY

HARRY F. BYRD, JR., Virginia, Chairman HERMAN E. TALMADGE, Georgia

BOB PACKWOOD, Oregon MIKE GRAVEL, Alaska

CLIFFORD P. HANSEN, Wyoming FLOYD K. HASKELL, Colorado

WILLIAM V. ROTH, JR., Delaware

(II)

CONTENTS

Buy 27 sep 27

ADMINISTRATION WITNESSES

61

PUBLIC WITNESSES

American Bankers Association, Lief H. Olsen, chairman, economics ad-

visory committee---

American Council for Capital Formation, Dr. Charls E. Walker, former

Deputy Secretary of the Treasury and chairman, accompanied by

Dr. Richard Rahn executive director---

Biederman, Kenneth R., National Savings & Loan League..

Brannon, Dr. Gerard, Taxation With Representation -

Cohen, Edwin, Esq-----

Fielding, Bruce G., secretary, National Federation of Independent

Business

Fromm, Gary, Stanford Resea rch Institute -
Greenspan, Alan, former Chairman, Council of Economic Advisors.-
Heizer, E. F., Jr., National Venture Capital Association ----
Independent Business Association of Wisconsin, Dean Treptow, chairman

of legislative affairs.

Janeway, Eliot--

Krasnow, Herbert, president, National Association of Small Business In-

vestment Companies, accompanied by Walter B. Stults, executive vice

president

National Association of Home Builders, Michae" Sumichrast, vice president

and chief economist, accompanied by Gordon Smith, Miller & Smith---

National Association of Small Business Investment Companies, Herbert

Krasnow, president, accompanied by Walter B. Stults, executive vice

president

National Federation of Independent Business, Bruce G. Fielding,

secretary

National Sayings & Loan League, Kenneth R. Biederman..
National Venture Capital Association, E. F. Heizer, Jr----
O'Brien, Edward I., president, Securities Industry Association, accom-

panied by Stephen Small, assistant vice president and legislative

counsel
Olsen, Lief H., chairman, Economics Advisory Committee, American

Bankers Association ----
Pendergast, Edward H., CPA, representing the Smaller Business Associa-

tion of New England.
Reese, Thomas, legislative director, Taxation With Representation --
Rinfret, Pierre A., president, Rinfret Associates --
Securities Industry Association, Edward I. O'Brien, president, accom-

panied by Stephen Small, assistant vice president and legislative counsel...
Sindlinger, Albert E., chairman of the board, Sindlinger & Co. of Media

in Pennsylvania ----

Smaller Business Association of New England, represented by Edward H.

Pendergast, CPA---

icil

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