Show Million Tux Tax Leak Despite what you hear henl about the new 93 02 billion Federal F budget being in balance it should bo be borne borno ill in mind that this is rl nel nearly 10 billion moro than the tho estimated in como for the tho current fiscal fis- fis fiscal cal year and only l a very consi considerable upswing in inthe the tho nations nation's economy could produce this I much moro more during the tho year beginning July lISt 1st Thus no no ono one should bo be surprised at l a lWhite White house demand on Congress for more taxes But before before you accept the tho i idea that you ou should pay still moro more to toUncle Uncle Sam you rou might give l a thought to the loop loop- loophole hole holo operators l who pay virtually no income tax null ml whoso whose present immunity snakes your own obligation that much bigger For Itol example the tho shocking fact is that many families or of modest means are aro paying ing more income tux tax than Il the tho average multi million dollar savings find and luau loan association or insured mutual savings bank I Because of a glaring tax loophole this billion dollar doUar industry has hns brOIl been playing ln ing less than ono one per per- cont on net income Thus in the years 1952 to 1960 while whilo commercial banks s pay more than thun 8 billion hillion in in li income taxes savings and loan as- as associations paid ony only 41 million mill and insured savings banks only 11 million In 1960 savings and 11 pail paid less quarter ono of one percent and Commercial banks bank 35 percent The resulting loss of revenue is estimated at million which would long in meet meet- l a year go a way I ing- ing that postal deficit or would have paid ten percent percentI I of last years year's increase ill in defense defenso sp spending to meet I Berlin Bedin crisis I And certainly this his mighty leak should be plug plug- geel before the Congress asks still moro 1 money of those who vho m are now paying their full share sharo and that of the tho savings loan associations anti mutual say say- ings hanks banks besides t- t |