Show Reduce Your oar Taxes T Neither you nor any patriotic American would want tax rates riles i reduced educed if it would deprive your government go of funds needed foi tor defense or 01 essential purposes BUT THERE IS a way to reduce reduce re re- duce your our tax rates without cutting cutting cut cut- ting Ling off or limiting funds for foi military and other needed programs pro grams or throwing the budget budge out of balance a wa way that chat is sound and realistic It will provide relief relic for you ou no matter which tax bracket you arc are in IT WILL RILL moderate both individual individual in in- and corporate tax rates tales gradually over a n five- five year ar period It R will defer taxes faxes for you asan as asan asan an md individual on Ion term long term capital gains until such times ns as you sell your holdings receive re re- a cash profit and do not nol reinvest the proceeds It will reduce the rate of tax lax on yom our estate and on your our gifts It will make it easier for your our business business busi bust ness Hess to replace worn out and I obsolete lete equipment I IT WILL ILL WORK this u way ay 1 1 The first bracket of personal personal per per- tax rates will still be reduced from front 20 to 15 percent and the top rate brought down to 47 percent from 91 percent in five easy casy stages with corresponding reductions in all interim rates rales 2 2 The to top P corporate rate of 52 percent will be reduced to 47 percent also in five tine stages Selling Setting the top lop t rates rales of individual individual individual indi indi- vidual and corporate tax lax at the same level le rightfully puts the owners of unincorporated businesses businesses businesses busi busi- nesses which which account for tor 85 percent of all businesses and and members of professions on an even even eyen tax keel with wilh corporations as opposed to the higher rates rales they now pa pay par a H. H Estate tax rates rales will be reduced from a top lop of 77 per per- percent percent cent to 47 percent and nd the top lop loprate rate of or gift tax from front percent percent percent per per- cent to percent All lower rates rales of both bolh taxes will gill be reduced reduced reduced re re- in proportion This comprises comprises com cont another important ease case easement men ment of the impact of capital taxation 4 There will still be a reduction o of approximately 25 percent over the five five- year five ear period in the time during which business will twill willbe willbe be allowed allotted to lo charge off oti the cost of or plants and equipment r before figuring their taxable profit TJ This s will give you and everyone ev ev- cr one at least a 25 percent cut in taxes It will twill do this without without with with- out shifting tax burdens from one set of taxpayers ers to another Almost 60 percent of or the total savings in individual taxes will go so to those in the Uto taxable brackets up to lo TilE THE PROPOSED cuts in tax rat rates s over the five five- five year ear per per- I I iod tt will ill not result in red ink ink spending b by the government go Slated reduction will be postponed post post- postponed when thet there e is danger that the federal budget will be betin tin thrown own out of balance The money to provide for lor the reduction of your nUl tax rates rales will come from a simple change in inthe inthe the wa way the government oper opel operate ate ates Here is rs how it il will come about SINCE 1955 the yield to lo the government from personal income income in in- come comp taxes lazes alone has grown front from 30 billion to about 43 billion with no change in rates rales During that period personal incomes in comes canter in dollar terms rose by bya a third so that thai the government received on a silver platter an increase in revenue rc of 13 bil bile lion Other taxes also yield larger revenues as the economy y grows grow's s althou although h not to the same ex ex- tent lent Half o of any increase in to incorporate incorporate corporate profits automatically flows back to the government The more you ou buy the more you OU pa pay in excise taxes ESTIMATES for fot the fiscal year rear that begins in July are that total Iota revenue may be up as much as 15 billion over the fiscal year recently ended simply because of the growth in our our national income Each single percentage point of gain Bain ga gainin n nin in the growth rate rale means 1 billion in additional revenue re which is wh why the added money monet coming in from econom i r c growth is such a very large sum At present the government go takes the added money coming in from economic growth and spends it NOW FOLLOW this careful careful- carefully ly You will get gel the cut in your yow lax tax rates rales b by the government taking laking this Ibis spillover each year jear and through tax lax reform making mak ing it available a for tor growth inthe inthe in inthe the pr private prate ate econom economy The freed money will twill go into consumer purchases and md plant expansion and research and development de o of or new products which in turn lurn will twill cause added employment so that even though your our taxes will be cut cul by at al least 25 percent pcr per cent the government will re re- receive more snore not less in total II taxes When this is done there is no reason wh why our our econom economy should not move forward as fast as 5 percent or more snore a ayeal year yeal- Any growth rate rale above 3 4 percent will twill take lake care of a astep astep step by step cutback back in your our taxes over a five live year period and still provide pro the government with vilh ample funds f for r other pur pur- poses THE TilE NEEDED legislation to accomplish all of this is already drawn and nd in the hands of the Ways and Means Ieans Committee of the House of Representatives in the form of identical bills H. H R R. 2030 and H. H R. R 2031 introduced introduced intro intro- b by Representative Howard How How- and ard II Baker Republican of Tennessee and Congressman A A. A S Sydney Herlong Jr Known Frown as the R ker bills this proposed legislation has vas received expressions of commendation and o 0 r t from members of Congress editorial ed ed- writers columnists business business bus bus- iness groups and other etc across the coun coun- countr tr try The most constant theme of these expressions has been the practical commonsense nature na ture turc of the legislating Sen Herlong says I J know that thai this legislation on is not only Holy practical and feasible but that thai it is urgently needed II It will be massed gassed if you want it passed and if without dela delay you tell you ou Congressman and Senators that thai you ou want it passed It isas is isas isas as simple at that |