Salt Lake Telegram | 1944-10-19 | Page 5 | Tax Researcher Predicts Scrapping Excess Profits Levy following War

Tax Researcher Predicts Scrapping 1 T Td 0 d Excess Profits Levy Following War ti s LU 1 LOUIS UIS w Oct 10 14 OP The UP The profits tax p on corpo corporations p rs s 's s tobe lobe tobe headed for the scrap after fter the war a treasury 1 said Thursday 4 Slough Blough director of ot the di- di Of ot tax research said no it submitted to treasury postwar tax plan- plan U. U for tor k keeping the ex excess ess r tax tax i 1 speech ech on corporate tax cation pr prepared pared for fore the American Institute Blough said It It L that simplification of thet the Ute j Ji MP t roots profits tax win will vill come by bye I e rather than by erosion j L I eaid td this wartime tax is la to j I j blame for the Ute major complexities complexities' of the corporation tax structure Blough also disclosed that congressional congressional con congressional con con- gressional and treasury experts are making progress in their study of postwar taxation and hope to make male preliminary reports soon He criticized the capital stock tax and the value declared-value excess excess profits tax saying they have no relation to any accepted principle of tax distribution He suggested that both taxes be simplified in inthe inthe inthe the manner urged by the treasury for some years ears and unanimously concurred in by business namely business namely repeal He said the next few years cars promise to be an auspicious time to promote simplification in inthe inthe inthe the corporate tax structure because because because be be- cause it will be possible to make I some tax reductions I He emphasized throughout hout the speech that simplification is a laudable goal but should be placed fn in its proper perspective and andriot not riot be bc put above everything else Basically most tax complexity is caused by the thc necessity of beIng being being be be- ing fair and equitable in a complicated complicated complicated com com- situation in which ma many y specific refinements are arc necessary to meet charges of unfairness he said You are arc well vell aware he told lold the accountants that problems of tax policy of eliminating hardships hardships hardships hard hard- ships and of plugging up loopholes loopholes loopholes loop loop- holes a are arc c responsible for tor many of the complexities in our tax laws