Show fu J TAX REFORM REFORM- REFORM 1969 n 1969 EDITION We are all interested In sound constructive tax re reo form It sh should uld be based on a careful l analysis of the nations nation's needs and and the most equitable way to attain them 1 The re recently passed House bill Tax Reform Act of 1969 adopted after only tw two days of consideration of the page document contains serious distortions which should be rectified before the Senate approves it One of the most serious serious' drawbacks drawbacks' Is is the bills bill's long long- term negative implications for capital formation We should be thinking of the kind of tax system that will be appropriate to the economic conditions that will wilt prevail for th the long term after the boom U is over The tax system system system tem tem should not penalize job creating domestic capital formation Serious consideration should be given to possible economic economic econ econ- and other effects and Indeed to whether or not capital gains should even be be considered part of regular income taxation i i The proposed change of of rules governing the taxation of deferred compensation is ISa a a striking example of complicating com corn 0 the tax even though no no abuse has be been n shown i and where e there is s on only y a as slight re revenue revenue ue effect Ue t. t These are but a few examples of areas where it Ishop is hop hoped d the Senate Finance C Committee e will give serious l. l consideration before releasing the bill bUt for a a a yote on the floor Taxes will be with us for a long time time time-so so why hy rus rush legislation through legislation through wh when n a more time will r re result re- re suIt sult In a a a better tax code for all concerned |