Tax Rate Extension Act of 1957 (PL 85-12; March 29, 1957) Tax Rate Extension Act of 1958 (PL 85-475; June 30, 1958) Tax Rate Extension Act of 1959 (PL 86-75; June 30, 1959) Public Debt and Tax Rate of 1960 (PL 86-564; June 30, 1960) Tax Rate Extension Act of 1961 (PL 87-72; June 30, 1961) Tax Rate Extension Act of 1962 (PL 87-508; June 28, 1962) Excise Tax Rate Extension Act of 1963 (PL 88-52; June 29, 1963) Excise Tax Rate Extension Act of 1964 (PL 88–348; June 30, 1964) Excise Tax Reduction Act of 1965 (PL 89-44; June 21, 1965) Tax Adjustment Act of 1966 (PL 89-368; March 15, 1966) Revenue and Expenditure Control 10% to 7% scheduled for reduction April 1, 1957 Reduction postponed until July 1, 1958 10% to 7% scheduled for reduction July 1, 1958 Reduction postponed until July 1, 1959 10% to 7% scheduled for reduction July 1, 1959 Reduction postponed until July 1, 1960 10% to 7% scheduled for reduction July 1, 1960 Reduction postponed until July 1, 1961 10% to 7% scheduled for reduction July 1, 1961 Reduction postponed until July 1, 1962 10% to 7% scheduled for reduction July 1, 1962 Reduction postponed until July 1, 1963 10% to 7% scheduled for reduction July 1, 1963 Reduction postponed one year until July 1, 1964 10% to 7% scheduled for reduction July 1, 1964 Reduction postponed one year until July 1, 1965 Scheduled reductions 10% to 7% June 22, 1965 thru December 31, 1965 7% to 6% Jan. 1, 1966 thru December 31, 1966 6% to 4% Jan. 1, 1967 thru December 31, 1967 4% to 2% Jan. 1, 1968 thru December 31, 1968 2% to 1% Jan. 1, 1969 Postponed reduction and increased tax to: 7% March 16, 1966 thru March 31, 1968 7% to 2% April 1, 1968 thru December 31, 1968 2% to 1% January 1, 1969 Postponed and rescheduled reductions to: 7% April 1, 1968 to December 31, 1969 (PL 90-364; June 28, 1968) 7% to 5% January 1, 1970 to December 31, Tax Reform Act of 1969 1970 5% to 3% January 1, 1971 to December 31, 1971 3% to 1% January 1, 1972 to December 31, 1972 1% to 0% January 1, 1973 Postponed and rescheduled reductions to: (PL 91-172; December 30, 7% January 1, 1970 thru December 31, 1970 1969) 7% to 5% January 1, 1971 thru December 31, 1971 5% to 3% January 1, 1972 thru December 31, 1972 3% to 1% January 1, 1973 thru December 31, 1973 1% to 0% January 1, 1974 (Whereupon, at 11:35 a.m., the committee adjourned, to reconvene at 10 a.m., Tuesday, September 15, 1970.) 230 Auto excise tax The proposal to extend the auto excise tax is yet ar Attached and made a part hereof is a two While the AAA b tax on the lead ac as the represents views since the t At the outset environmental to be, then a tr It seems e to help balar Further, overburder against th the funds While caused tax wil pollutic author to ach of ac We a par ENDATIONS OF THE PRESIDENT TUESDAY, SEPTEMBER 15, 1970 HOUSE OF REPRESENTATIVES, Washington, D.C. The committee met at 10 a.m., pursuant to notice, in the committee room, Longworth Building, Hon. Al Ullman, presiding. Mr. ULLMAN. The committee will be in order. Mr. MacKethan, we welcome you before the committee. Would you please identify yourself and your colleagues for the record and then we will be glad to recognize you. STATEMENT OF EDWIN R. MacKETHAN, PRESIDENT, TRUST DIVISION, AMERICAN BANKERS ASSOCIATION; ACCOMPANIED BY AUSTIN FLEMING, NORTHERN TRUST CO. OF CHICAGO; WILLIAM K. STEVENS, FIRST NATIONAL BANK OF CHICAGO; AND RICHARD B. COVEY, SPECIAL COUNSEL TO THE ASSOCIATION Mr. MACKETHAN. Thank you, Mr. Chairman. Mr. Chairman, and members of the committee, my name is Edwin R. MacKethan. I am executive vice president of the Virginia National Bank and am president of the Trust Division of the American Bankers Association. I am accompanied by Austin Fleming, of the Northern Trust Co. of Chicago, William K. Stevens of the First National Bank of Chicago and Richard B. Covey, a lawyer with the firm of Carter, Ledyard & Milburn of New York City, who is acting as special counsel for the association with regard to various tax matters of concern to our members. I appear before your committee to testify on behalf of the American Bankers Association with respect to the administration proposal to accelerate the payment of gift and estate taxes and to summarize the position of the association, which is contained in our written statement that has already been made available. I request permission for the appendixes to be printed in full in the record. The administration has shifted from its original proposal for accelerating the payment of estate tax and now supports three points of an alternative method of acceleration suggested by our association. These points are to change the alternate valuation date from 1 year after date of death to 6 months from date of death, to change the time for filing the estate tax return and paying the estate tax from 15 months after date of death to 9 months after date of death and to change the TAX RECOMMENDATIONS OF THE PRESIDENT TUESDAY, SEPTEMBER 15, 1970 HOUSE OF REPRESENTATIVES, Washington, D.C. The committee met at 10 a.m., pursuant to notice, in the committee room, Longworth Building, Hon. Al Ullman, presiding. Mr. ULLMAN. The committee will be in order. Mr. MacKethan, we welcome you before the committee. Would you please identify yourself and your colleagues for the record and then we will be glad to recognize you. STATEMENT OF EDWIN R. MacKETHAN, PRESIDENT, TRUST DIVISION, AMERICAN BANKERS ASSOCIATION; ACCOMPANIED BY AUSTIN FLEMING, NORTHERN TRUST CO. OF CHICAGO; WILLIAM K. STEVENS, FIRST NATIONAL BANK OF CHICAGO; AND RICHARD B. COVEY, SPECIAL COUNSEL TO THE ASSOCIATION Mr. MACKETHAN. Thank you, Mr. Chairman. Mr. Chairman, and members of the committee, my name is Edwin R. MacKethan. I am executive vice president of the Virginia National Bank and am president of the Trust Division of the American Bankers Association. I am accompanied by Austin Fleming, of the Northern Trust Co. of Chicago, William K. Stevens of the First National Bank of Chicago and Richard B. Covey, a lawyer with the firm of Carter, Ledyard & Milburn of New York City, who is acting as special counsel for the association with regard to various tax matters of concern to our members. I appear before your committee to testify on behalf of the American Bankers Association with respect to the administration proposal to accelerate the payment of gift and estate taxes and to summarize the position of the association, which is contained in our written statement that has already been made available. I request permission for the appendixes to be printed in full in the record. The administration has shifted from its original proposal for accelerating the payment of estate tax and now supports three points of an alternative method of acceleration suggested by our association. These points are to change the alternate valuation date from 1 year after date of death to 6 months from date of death, to change the time for filing the estate tax return and paying the estate tax from 15 months after date of death to 9 months after date of death and to change the |