Bankers Fight Reagan Tax Reform Proposals: Beneficial Chairman Alone Says Industry Would Benefit from Increase in Need for Credit Services

By Naylor, Bartlett | American Banker, July 29, 1985 | Go to article overview

Bankers Fight Reagan Tax Reform Proposals: Beneficial Chairman Alone Says Industry Would Benefit from Increase in Need for Credit Services


Naylor, Bartlett, American Banker


WASHINGTON -- Tax reformers of the House Ways and Means Committee turned their attention to the financial industry Friday, hearing from 13 representatives who generally criticized the Reagan plan to increase levies on a number of banking operations.

In a notable departure, Beneficial Corp, chairman Finn Caspersen told the panel his industry would benefit from the Reagan plan, despite higher taxes to be levied upon financial companies. The reason, he explained, is that consumers would benefit and consequently raise demand for credit services.

"Beneficial supports tax reform even though its corporate income tax payments will increase in the aggregate by $100 million over the next five years," Mr. Caspersen said.

"The problem with my collegues is that they're doing static analysis. We think this tax bill is going to change things over time," he said in an interview following the hearing. Mr. Caspersen said he came to this opinion after an extensive analysis using computer modeling.

American Bankers Associations representative John Petty, howeveR, countered that new taxes proposed for bankers would wind up hurting consumers, business borrowers, and municipal governments in whose bonds the banks are major investors.

Mr. Petty, who is also chairman and chief executive officer of Marine Midland Banks Inc. in Buffalo, defended the deduction for certain funds used to invest in tax-exempt municipal securities. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Bankers Fight Reagan Tax Reform Proposals: Beneficial Chairman Alone Says Industry Would Benefit from Increase in Need for Credit Services
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.