| Show 1200 Dependent Deduction Tax Bill Introduced by Moss Senator Frank E. E Moss noting noting not not- ing that April 15 Income Tax Day is considered by many to tobe tobe tobe be the Ides of April last week Introduced a bill which would allow a 1200 deduction for each dependent instead of the present COO I have just returned from Utah where I had an opportunity opportunity opportunity to talk with many people people people peo peo- personally Senator Moss told the Senate Let Lt me tell you y u that the trie r Taxpayers ort lie He volt we have been reading about and seeing reflected in our mail is real and it is earnest It grows in fn strength everyday IN MY estimation tax reform reform re- re form is the most urgent problem problem pro pro- blem facing the Congress It Itis Itis Itis is not right to ask the average average aver aver- age middle middle income income or low in come taxpayer to pay pay such a large burden in taxes when there are millionaires who pay no taxes at all ail because of tax loopholes lIe He said action must be taken taken tak tak- en in two directions to reduce the burden of the middle and lower income taxpayers and to close the tax loopholes which allow the very rich to pay little or no taxI taxI tax I 1 AM taking the first step today by in introducing a bill to increase the personal income tax exemption to 1200 This is the quickest and most equitable equitable equitable equit equit- able way to give relief to the mass of taxpayers He lIe noted that the present figure has been in effect since 1948 Meanwhile the consumer consumer consumer con con- sumer price index has risen aa 5 al nt WE HAVE kept it at the same level because we have relied on it to meet our needs for revenue rather than considering considering con con- the needs and problems problems problems pro pro- of the citizens of this country he said lie He said he would take additional additional add add- steps to reform the tax structure by closing some of the loopholes WE SHOULD make a thorough thorough thor thoro ough study of tax exempt foundations of depletion allowances allowances allow allow- ances charitable contributions estate taxes real estate shelters shelters shel shel- and tax free bonds to mention only a few I question whether the time has not come to repeal the seven per cent investment tax credit which pumps 3 million a year into the overheated economy economy ec ec- onomy anomy by allowing industries large discounts through the tax laws on purchases of plants and equipment Senator Moss said |
