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- Title
A PROGRAM FOR FEDERAL TAX REFORM.
- Authors
Smith, Dan Throop
- Abstract
Federal tax reform is urgently needed in the U.S. It is recommended by taxpayers' groups and by economists. A few major areas stand out for reform in virtually all proposals. Reduction in rates of the individual income tax together with broadening of the base and closing of loopholes to remove inequitable and uneconomic tax privileges stands at the top of most lists. Liberalization of depreciation allowances on machinery and equipment together with a tightening to deny capital gains treatment to profits from any too-rapid depreciation comes second. A reform of the entire capital gains area is a third major subject. In addition to those three broad areas, a thorough reform should include, effective taxation of co-operatives and mutual financing companies to give substantial equality with ordinary taxable enterprise, a rationalization of the present haphazard excise tax system, a tightening of estate taxation to remove the present inducement to leave property in trusts extending over many years together with a reduction in rates and a review of depletion allowances.
- Subjects
UNITED States; TAXATION; TAX reform; TAX rates; INCOME tax; TAX base; DEPRECIATION allowances; CAPITAL gains tax
- Publication
American Economic Review, 1960, Vol 50, Issue 2, p470
- ISSN
0002-8282
- Publication type
Article