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Show State C. of G. Body Points Out Business Taxes Fall On Public The influence of taxes on the American family will be uppermost upper-most in the minds of members of Congress for the next few weeks. They are seeking the ans-swer ans-swer of this $64-question: How can they satisfy increasing increas-ing public demands for tax reduction re-duction and at the same time find other taxes to offset such a reduction? Their problem is' made doubly hard by the fact that Uncle Sam wants to spend $5V2 billion above his income next year. The Council of State Chambers Cham-bers of Commerce today pointed up the problem in a special study by its Washington research re-search staff. It found that the $40 Vz billion in all taxes col-ected col-ected by the Federal Government Govern-ment last year came from these sources: 44'2 per cent from personal income taxes, 28 Vi per cent from corporation Income taxes, 6 per cent from social security taxes and the balance of 21 per cent from a great variety va-riety of excise and miscellaneous taxes. A tax study issued this month by the Brookings Institution, an impartial research organization, revealed that 35 of all manufacturing manu-facturing corporations take the corporate income tax into account ac-count in determining the prices of their products. This means that the consumer pays a large part of corporation taxes too. A group of Congressmen, doing do-ing some rough figuring on their own recently, concluded that a family of three persons with an income of $3,000 pays $201.60 of that income in corporation cor-poration income taxes which are included in the prices of the things they buy. A family of four with an Income of $5,000 pays $316.80, and the same-sized family with an income of $7,-500 $7,-500 pays $414. I We want more enterprise. . . more private investment in the competitive system . . . more opportunity for individual suc-cess. suc-cess. Vanguard |
