OCR Text |
Show NEW GROUP CHARGES: "Tax Reform" Evades Economic Realities National Bank. Vice Chairman is Robert Lee O'Brien, Jr., first vice president. Union Trust Company of Washington, D.C. The Council's national offices offi-ces are in Suite 1042, 1425 K Street, N.W., Washington, D.C. 20005. In an effort to meet these tax threats the Council is sponsoring sponsor-ing a non-partisan program of public information to promote a better understanding of the vital role of risk capital in the nation's economy, particularly in providing more jobs. Heading the American Council Coun-cil as National Co-Chairmen are: Henry II. Wilson, Jr., president pres-ident of the Chicago Board of Trade; Mills B. Lane, Jr., chairman chair-man of the Citizens and Southern South-ern National Bank, Atlanta; George Cline Smith, chairman, Mackay -Shields Economics Inc, New York; Arthur Levirt, Jr., president, Harden, Stone Inc., New York; and William Jenkins chairman, Seattle-First Washington (Hk) The American Council on Capital Gains and Estate Taxation has been formed to represent taxpayers tax-payers at all levels of income in supporting lax provisions that stimulate savings and the formation of capital needed to maintain and expand the nation's na-tion's economic growth. The Council's principal goal is to maintain the current capital capi-tal gains treatment and to return re-turn to the pre-fbl maximum rate of 25 percent for individuals individu-als and corporations. Another goal is the elimination of a federal tax on sales of personal homes. In estate taxation, the Council Coun-cil advocates reducing the present pres-ent high tax rates and raising the exemption to $200,000 to offset the effects of inflation since the present $60,000 exemption ex-emption was established in 1942. The Council's nationwide membership represents the interests in-terests of millions of individual taxpayers. They include home owners, the owners of small businesses, farms and ranches, retirees, union workers with equities in pension funds and employees participating in company com-pany profit-sharing plans. The Council was formed, it says, because of a "growing concern that failure to understand under-stand and communicate the realities re-alities of capital formation, capital cap-ital investment and capital transfer would invite tax policies poli-cies detrimental to the nation's productivity and economic health." In the guise of "tax reform," the Council warns, current proposals pro-posals before Congress would weaken the capital gains structure struc-ture still further, following the drastic rate increases enacted in 1969, and also impose a capital gains tax on the already heavy burden of estate taxation. |