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Show UTAH FOUNDATION LISTS STARTLING TAX FACTS "Complete confiscation of all taxable income above $10,000 would only produce enough additional ad-ditional revenue (revenue not now being received through taxation) taxa-tion) to run the Federal Government Govern-ment for about four weeks. Even if the confiscation point were set at taking all taxable income above $4,000, the additional collections col-lections wouldn't run the Government Gov-ernment for five months." These startling facts were revealed re-vealed today by Utah Foundation, Founda-tion, the private, nonprofit tax research agency, j The Foundation report points out that while it may have been possible to "soak the rich" and collect most of the Federal income in-come tax from wealthy individ-duals individ-duals twenty or thirty years ago, those days appear to be gone forever. The report mentions that two thirds of all Federal income taxes in 1929 were collected from persons per-sons making more than $100,000 a year with a maximum tax rate of 24. However, since that time, Federal spending has multiplied mul-tiplied twenty times. As a result only about one twelfth of all Federal income taxes comes from taxpayers with annual net incomes in-comes in excess of $100,00, despite de-spite present tax rates which range all the way up to 91 on taxable incomes above $200,000. "With increased tax rates approaching ap-proaching the confiscation point on higher incomes. it be came necesary to turn to the middle and lower income groups 'for additional revenue," the report re-port continues. Existing taxes therefore hit all individuals rich and poor al;ke. In 1929 a rharried couple with two children and a family income of $100,000 a year paid $14,840 in Federal income taxes. Today, that same family would pay $51,-912. $51,-912. A family with a net income of $10,000 a year paid S41 in 1929 and Sl,592 in 1954. The $5,000 a year family, which paid only S3 in Federal income taxes in 1929, now finds itself paying S520. Even the family with a net income of $3,000, which didn't pay a tax in 1929, pays a tax bill of $120 today, according 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 everyone rich, medium, and Door alike." |