Show Tax Reform The Treasury Department is drafting legislation to reform income tax laws with a view toward forcing certain wealthy persons with substantial income who now largely escape taxes to share the b bur burden u r d den e n. n The changes would also close certain so-called so loopholes ALTHOUGH recent tax in crease legislation carried with it the provision that the President President President dent submit proposed tax law changes to Congress within a year the department was al already already already al- al ready at work on such proposals proposals proposals propos propos- als and they may be submitted by the President this year Vice President Hubert Humphrey Humphrey Humphrey Hum Hum- has been thoroughly briefed on the changes being recommended and is expected to support all or most of them in his campaign likewise they may be made a part of the Democratic Party platform if proponents of the changes have their way TilE THE FOUR areas in which some wealthy people largely escape escape escape es es- cape paying income taxes are capital gains depletion allowances allowances allowances allow allow- ances for mineral or pro oil properties interest from bonds of state tate and local governments governments governments govern govern- ments and nd deductions taken on gifts to charitable The new idea is to limit exemptions exemptions exemptions ex ex- of the wealthy taxI taxpayer taxpayer tax tax- payer to half his total income I regardless of these special pro pro- I visions This would enable tax taxI I rates to be lowered it is arI argued argued ar ar- ar- ar gued for the average taxpayer I I TAX REFORMS are arc overdue Good citizenship and individual I responsibility would be best served by imposition of a very small token tax upon all citizens citizens citizens citi citi- in income income income in- in zens including the lowest come levels closing of current tax lax loopholes utilized by the wealthy and an end to special allowed tax exemptions exem now owned church-owned b bus businesses u s i n e s s e s changes which would allow rates to be lowered for the ordinary ordinary or or- citizen who has been bee n carrying the load so long |