Tax Reform Hearings: Statements of Public Witnesses in Panel Form Testifying on the Subject of Capital Formation, July 29, 1975U.S. Government Printing Office, 1975 - Broj stranica: 273 |
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accelerated depreciation accounting ADR system allocated American assets capital cost allowances capital formation Capital Formation Act capital gains capital investment capitalization of interest capitalizing interest cash Committee companies Congress corporate profits corporate tax debt depreciation allowances DISC dividends dollars economic effect employee stock ownership employer securities encourage ESOP facilities financial reporting financing firm Hallmark Cards income tax increase individual individual retirement account industrial nations inflation Internal Revenue Code investment credit investment tax credit investors July 29 Kelso loan machine tools machinery ment metalcutting million obsolescence payments period phantom profits present production proposed reduce repeal retained earnings SBIC Secretary Section shareholders shares shortages small business Soviet Union statement stock ownership plan subsidies tax allowances tax bias tax deduction tax laws tax purposes tax rates tax reform tax structure tax system taxable taxation taxpayers tion Treasury U.S. industry United West Germany workers writeoff
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Stranica 90 - But it cannot be denied that there is something scandalous in the spectacle of so many people refining the analysis of economic states which they give no reason to suppose will ever, or have ever, come about.
Stranica 256 - Could there be a better answer to the stupidity of Karl Marx?", he asks. Ironically, the only major elements openly critical of the Kelso doctrine are some labor leaders and professional economists. The idea of giving workers a common incentive with their employers through stock ownership is threatening to some union leaders, who have a vested interest in keeping workers in an adversary role with management. Many economists apparently resent the fact that Kelso is an outsider who has not received...
Stranica 99 - Union, a new statistic that has great significance for both our economic and defense posture. tures, the United States lost markets at home and abroad, the rate of increase in productivity and GNP slowed, and we had the greatest deficit in international payments and trade in our entire history. INDUSTRIAL GROWTH DEPENDS ON AN INCREASED INVESTMENT CREDIT AND ADR ALLOWANCES At the time I testified before the Committee on Ways and Means and the Senate Finance Committee in 1971 when the 7 percent investment...
Stranica 103 - I have since supported the credit since it represents a "catchup" in the inadequate depreciation allowances of the past, and, of course, without it there would not be anything like realistic or adequate tax allowances in any way comparable to our foreign competitors. Of course, the credit device as an apparent subsidy understandably finds particular favor with those who want an economy closely controlled by the Government. Somewhat ironically, it also finds great favor with business despite this...
Stranica 132 - ... future capital gains generated by them, would significantly reduce the lock-in effects to which the shareholder might otherwise be subject. If the allocation plan were adopted in the United States without any other change in the tax law, it would be necessary to keep the top bracket rates at or close to present levels to avoid reducing the progressivity of the income taxes. This means that the corporate withholding rate would have to be set at or close to the present 70 percent rate. The effect...
Stranica 259 - I never believed it would happen," he says. The sum that seems like a sudden windfall to Lowe's workers actually has accumulated over a period of fifteen years or more. The company, which runs 129 stores in sixteen Southern, mid-Atlantic and Midwest states, puts aside an amount equal to 15 per cent of an employee's salary each year on a store-bystore basis, if the store has met its profit goals ; employees pay nothing into the fund. Ninety per cent of the money is invested in Lowe's stock — and...
Stranica 123 - ... source income than they do on other kinds of income (see the last two columns of Table 1). The net impact of these countervailing forces, estimated for the year 1976 from the Brookings 1972 tax file, is shown in Table 2. As would be expected, the excess corporate tax burden, expressed as a percent of total taxpayer income, is highest in the low income classes and declines until it becomes negative at the $50,000 income level. If the potential capital gains taxes on corporate retentions were assumed...