Show THE VOICE OF BUSINESS B JL I g ff TOUT I I I fiT B w a gm I E MA AM AM 12 SI 1 I R I Ily L. of Commerce of die United State Don't rush out and start spending the money you're supposed to gain from the tax Congress and the President just When all things are con- as all things must be you're likely to wind up farther behind than for that you are a single person earning a According to the sample table prepared by the congressional Joint Committee your federal income be lower for 1979 than it was for o. far annA nt rich hand will pay an extra in-Social Security tax next vear And so will your employer on your behalf so- or the in- crease is 92 Already you re and we Considered 0 Hn Assume that inflation runs 7 next year very conservative I'm sorry to The purchasing power of your will depreciate by the real equation of your finan- cial future is minus minus leaving you worse off by Of you might get a raise to compensate for the effects of But then you're making more money tax and so paying more tax on Jl i circumstances and different wage but as Senator Baker has pointed every family making more than next year is likely to face a net tax To put things in the proper you need to know that the total tax relief just passed is about one-half the size 0 the 1975 tax reduction and less than one-third the size of that for o j can f md two to say about the tax bill t ls a jitter bill than was in pro at the start of the and a little better than the one the House passed last summer it does recognize the need to stimulate business invest- which would increase employ- production and reduce tion s. i 10 Business corporate tax relief was very consisting mainly of a two- percentage-point reduction in the cor- plus a small improvement in the investment tax The tax relief enacted to encourage business investment amounts to our Gross National or Contrast that figure with the tax relief provided for individual investors in which equalled of GNP to billion in today's or the 1963 investment tax relief at of Even the proportion of the total tax relief aimed at stimulating business in- vestment is much less than in the One-fifth for compared to one- fourth in 1975 and one-third in Real tax relief is still needed for both business and individuals rather than an T. f g y prior to national |