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1 Criticism of H.R. 9067: A Bill to Impose Progressive Taxation on Corporations 1 (1956)

handle is hein.tera/cribilta0001 and id is 1 raw text is: HLL , NAM Govt. Fin. Dept. Revised June 1, 1956 A CRITICISM OF H.R. 9067 A Bill to Impose Progressive Taxation on Corporations Representative Wright Patman (D. Texas) has introduced a bill (H.R. 9067) to provide for a full-scale system of progressive taxation of corporation income. This bill is completely unsound in principle, vicious in its socialistic implica- tions, and if enacted, would be destructive of the system of free private enterprise. The statement relating to the bill which was published in the Congressional Record, at Mr. Patman's request, will have the effect of befogging the real issues, confus- ing and dividing the business community, and misleading the public. This discussion is directed at the content of that statement. Summary of H.R. 9067 1. A normal tax of 22 per cent is to be levied on all corporate net income. 2. A surtax, levied at graduated rates, is to be imposed on the income of every corporation in excess of $100,000, at the following rates: $100,000 to $500,000 10% Next $500,000 to $1,000,000 17 Next $1,000,000 to $5,000,000 22 Next $5,000,000 to $10,000,000 29 Next $10,000,000 to $50,000,000 32 Next $50,000,000 to $100,000,000 39 Next $100,000,000 to $500,000,000 42 Next $500,000,900 to $1,000,000,000 49 Next $1,000,000,000 to $5,000,000,000 53 It is said that by comparison with the way the tax rates on personal income progress, these rates on corporate incones hardly progress at all. The percentage point spread in the individual scale is 71 points, as against 53 percentage points in the proposed corporation tax scale. Yet the latter is said to be only a moderate progression. H. R. 9067 is Unsound in Principle The proposal of a progressive tax on corporation income outdoes Karl Marx himself. The Communist Manifesto was aimed at individuals and it proposed

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