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Issues In Federal Tax Revision: Tax Developments in 1974

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Download Special Report No. 38–Issues In Federal Tax Revision: Tax Developments in 1974

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 No. 38

After a two-year drive for substantial “reform” in the Federal tax system, the 93rd Congress adjourned without enacting any major tax changes. The Committee on Ways and Means examined voluminous records of testimony and data on alternative methods of tax revision, and spent most of the year 1974 in an eventually unsuccessful attempt to reach agreement on a broad measure, the “Tax Reform Bill of 1974.” A massive agenda of unresolved issues stems likely to serve as spadework for the new Congress, once current “emergency” tax questions are resolved. The issues are complex and intricate, as well as controversial.