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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
Act of 1968

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
broken promises by Congress to reduce or phase out
than 15 years, we have seen Congress postpone sch
excise tax.

Attached and made a part hereof is a two
gressional citations covering the years 195
sents 15 years of frustration and unfair
and demonstrates that only once in the
despite legislation it passed to either re
For more than 40 years, the Amer
the Federal excise tax on the purch
(1) The automobile is a nec
per cent of commuting worker
survey sponsored by the F
eighty-five (85) per cent of
very necessary shopping t
(2) The American m
our nation. Total spec
now in excess of $16 bi
The AAA agrees with +
the current hearings,
could bring about a
Lead additive tax

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

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ENDATIONS OF THE PRESIDENT

TUESDAY, SEPTEMBER 15, 1970

HOUSE OF REPRESENTATIVES,
COMMITTEE ON WAYS AND MEANS,

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,
COMMITTEE ON WAYS AND MEANS,

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

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