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Issues In Federal Tax Revision: Tax Developments in 1973

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Download Special Report 37–Issues In Federal Tax Revision: Tax Developments in 1973

TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation Special Report 37

The drive for Federal tax revision, more popularly referred to as tax “reform,” which gained prominence during the 1972 political debates, got actively under way early in 1973. Extensive hearings were held before the Committee on Ways and Means on a lengthy agenda of tax topics. For various reasons the initial time table for Congressional action on taxes was delayed and would be carried over into 1974, when a major tax reform measure was expected to emerge. This report, the first in a series, provides background on the issues in tax revision. It summarizes the testimony presented in Congress, the Administration’s tax proposals, and other developments in 1973 which seen likely to influence the outlook for tax revision.