Income Tax Differentials

Income Tax Differentials

Income Tax Differentials

Income Tax Differentials


Income tax differentials--the rate of taxation on one class of income as against another class and the allowance of deductions for certain items as opposed to other items--affect the taxes that every taxpayer in the country pays. Hence, it is important at any time, but particularly in a time of high income tax rates, to sort out and discuss such items. The sorting out is not always easy as one man's loophole is another man's equity. The factual basis for the tax treatment of such items is also difficult to obtain--as is information with regard to the dollar effect on the revenue and how such items operate between taxpayers similarly situated. The economic effects are equally important. Have these items contributed to or hindered the expansion of the economy and the creation of jobs? Considerations of equity and fairness also are important as our tax system must operate in a manner which taxpayers believe is fair.

These trails lead into the taxation of compensation, capital gains, of investment income both at the corporate and the shareholder level, stock options, pension plans, natural resources, income of persons over 65, and into a host of other highways and byways.

The end of the journey, of course, leads to a reduction of tax rates. This objective, long postponed and perhaps to be postponed even longer, nevertheless needs discussion so that if the time comes for tax reduction the bases upon which it should be done have been studied and discussed and are well-known.

To a discussion of these problems this volume is dedicated.

KENNETH W. GEMMILL Chairman Program Committee

Philadelphia July, 1958 . . .

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