Show Income Tax Grab Squeezes Tax P Payers Complete confiscation of all taxable income above would only produce enough additional revenue revenue not now mow being received through taxation t to run the F Federal deral Government for about bout four weeks Even if the confiscation point were set at taking all taxa taxable le Income above the additional l collections wouldn't run Un the Government for five months These startling facts were revealed today by Utah Foundation Foundation Foundation tion the private nonprofit tax research agency The Foundation report points out that while it may have been possible to soak the rich and imd collect most of the Federal income tax from wealthy individuals t twenty enty r thirty years ago those I days appear to be gone forever foreve The report mentions that two thirds of all Federal income taxes In 1929 were collected from persons making more than a year with a maximum tax rate of 24 per cent However since that time Federal spending has multiplied twenty times As a result result re re- sult suit only about one twelfth of all Federal income taxes comes from taxpayers with annual annu annual 1 net het incomes in excess of d despite spite present tax rates which range all aU the way up to 91 per cent taxable incomes above I With increased tax rates approaching the confiscation point pointon on higher Incomes it became necessary to turn to the middle and lower income groups for additional revenue the report continues Existing taxes therefore hit all individuals rich Individuals rich and poor alike In 1929 a married couple with two children and a family Income of a year paid in Federal income taxes Today that same family would pay A family with a net income of ot a year paid 41 in 1929 and 1592 In 1954 The a year family which paid only 3 in Federal income taxes taxes' in 1929 now finds itself payIn paying Even the family with a net income of which didn't pay a tax In 1929 pays a n tax bill of today according t to to Utah Foundation calculations Foundation analysts point out that as long as Government continues its present level of spending high taxes are here to stay for tor everyone rich everyone rich medium and poor alike |