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1 Monthly Tax Features 1 (1957)

handle is hein.tera/taxfeaturs0001 and id is 1 raw text is: TAX FOUNDATION'S MONTHLY TAX FEATURES Jadioary 1957 Volume I, Number 1 Copyright 1957 by Tax Fonidation, Ioc., 30 Rockefeller Plaza, New York 20, N. Y. 1OI'S'. lit 1955, the li1 1.e, icld 68.,728 paiis of gyt' shiS at a t ipluti goods sale. T.hv Iigioially cast $57,813. A It- wr'rs latet, the ,J.F. $soIld 21.s 16 piis. Sonic nionths after, thIr Aiv sold 7,306 pairs of 'ath leti's h oes.t lI we reun used withi iii lotreseeable need for tMcn. 'rauwhile, a Senate coint. notitre ftitrl, the Navy was lii)u. ing it filial 1955, VW15 Iairs of athletic'' shoes-ur as the Navy pt it, hahethall shoes. WO't)RKERS. Itn 1955. there %.( aotit twice as nmany Fell. elal ris'ilian uoserllnienit cni. plo tcsin California (230,0110) a1 list' %et e ill tile cap. itha fit% Sof ai actto. -life itntlti'hi of Frderal empiloyees I thi tII(i' aipiiroximnated those in :ihc Ihsti i(t of Columbia. lD. Statisliliani calritlate that sit' I l War II's Wil ah.,. the Fedeial goveinnient loi rd ei taxes amonting to I4 I billionii. rFroni 1796 to 1945, ',dlraIl laxes levied amounted to 5253 billion. SP)NGES. The Federal gov. cl:ilielit is reporird to have sitiied a olte.)car, $211,0010 coll. tlit iwith I Florila laboratory It,- Ie a Ilibiological study of ihe state's sponge grounds. A $ oIgi'e c ihlhc111c hail affected ti Is nllgeq aull reduced tile vr~ l k ~ l r q a ot i t y . P r e v i o u s - Is. q53,ttI sas tsed for biolug. i;Ial Isesalh ill tile Gulf of adii oi a stoidy rf tile causes aiii control of toxic red title.'' Tax Burden Now $1,900 Per Family Tn *tal goveriienIt tax receipts itt the U.S. are or tie first time in tile cotlty's listor y, reachin g the 51 0 billion trat k. This stui tials $1,9110 for each American hatiily. I't elititittary estimates by the lax Foundaltion Inicate a lei.cc otdbicaking colleittion of $99.8 billion. The $1010 billion mark liuy Ie plisseid wliet all final igires are Ialtiiled. The ealy estitsates calctulated that the Federal government woul collect $72 lillion, the state governmnits neatly $15 Iillitil, aitil local goverl itetits, $13 blliio. The total was al. most eI tiues as nttich as was collected hy all levels of govern. nisnt only 211 tears ago. At that title, tire per family tax btrden was am estimated $330. 'ax recripts weic higher at all levels (if govetlunten fiscal 19516 than ili the preceding year. At the Federal level they selt ill about $9 billion; at tile state, a tou t $2 billion, and only slightly leis at the local level. Fisleties iif the increased take'' at tie Federal level are gitcit in the figures: lit 191,1. Federal tax receipts wecre $38 billion; 1))y 1956, they had climbed to over $72 billioi. Give References On Plant Location Factors 'lfertiug Itiistial Location, a new, tt ).totdate lib- liograhlhy which includes 100 selectled references relatitig to taxes iull oilier factors import. aits in lsucIthill new indlstrial sites, has been issued bty tile Tax Foiiuttlatiott. References lit the bibliogra. )hy are groupel under general luoks and tntiugeai is; article4 its perlodicals, aull ibllcations by states anl regions. Another Year Older, And... )t on ate $2-1 less hi debt than you iere last year. .%;s's tire goveiftnellt, anyway. Seems lour population has vilii st in the yas yeCar that tile ;lUlniot each of IliS owes Il deblt ol Federal, state aid local goverimeitt is flow $1. 1iscal 1955, it Was 31,933. lul Ilter is cold comifort ii that $21 per caflita retctitn. Eshe' tilh s thci Ion figurte that the owiegs of A governtet ;ire at a11 ill tit' high. At the etd of fiscal 11156 (last little :10), they stood at €'.21 billion. lilt V billlion i a single year's little. 'p at ite top-or botto, if you irefer-was thre Federal gov- iciul, stiiig $273 billlon. Next, the lIocal govertnients owed $1 h illis. And last, the stateswltli collectively oweil $13 hillion. \ c'ntly as 19 i, according to the Tax Founlationi, the aver. age iti ii tti ed otlly $97 oil local government deht. By 1955, per (i itvi'eing hai risen to $201. Awl there's every irospect thtat a1156 figures will sho the per caphta share of local debt to Ie liighcr,. A, of fiscal 1916. die average citizen owed only $17 on sirii sht. As of fiscal 1955's endl, t his figure was ip to $69. Ile Ire ;e.ih. intli tal its are triat by the tithe filial figures ale ill, the lit t il la aluount oti ,'1etI oil state debt will increase. hil) lils ler capita for interest oil the Federal debt aire ex- s,( fll it ' hi i re(ord high, too. The figure is estimated to lie $11.87 fii fi cal 1957 as against $11.3,1 in fiscal 1956. Back in fiscal Iii3-1shiit tlit iuterest paynmeits tere $23 tillion (as against 19i.'7's att tilmted $7 lillion)-the per capita figure was 2,1 cents. 11,\ iilot ge. the overall debt total can lie attributed to ote sh lie fact-all levels of governmset have been spending aid inrtiactiiig to spend more than they collected in taxes. More Gl ehnl tlIsughlt-followed by a conscious care for how the public Itu 'uicy I% spent cmld reduce this staggering debt total, and perhaps Itu tat tities $24 in the pockets of each of sit. With Ilis Issue of Monthly Tax Feotores, the Tax Fon- datlnn, 30 Rockefeller Plaza, New York 20, N. Y., presents a new puliletlion. Material may lie re-nieed with proper I credit, without specific request. However, forwarding of I ter sheets will be nppreelated. Suggestions for nuserial [ for use In ITF will Ile welcomed. THE 1957 TAX BITE IN THE 8-HOUR DAY The avelage $4 ,50.a-)ear ttu tist work 2 hours aud 26 mlintes of his eiglgthouir day to pay for his taxes, according to tie lax Foitidatio. As tie clotk stows. Itiore time is spcnt working for taxes than for foid alnl oilier items. (2 Cot. Matl Aalabe ot teqsrr) States Count On Sales Tax Two little letters, like p.t. aill have afill -,portait bearig oi a state's fnnss. The records show that io 1156, 36 of the 48 states levying sales, gasoline liquor, incoime, property taxes. etc., collected 50 pIercenit sr more of all their taxes fronm the sales or gross C- elpis tax. ($1.98, pihis tax). A percentage distribution of state tax collectitns illustrates this. For examtile. West Virginia took i $1,4 million in taxes of all kinds, and gleaned $122 il. lion or 85 percent of the total froml the sales or gross receipts tax. b\Washlington swas only slightly bhnd Vest Virginia. Of $338 nmillion collectel all told, $282 itillin, or 83 percent came from the sales tax/gross receipts tax siource. Illinois, which racked ti $6,11 million in all kinds of levics, took in $523 million or 82 percent of all tax revenue froI this otie soutirce. New Tax Study The Tax Foutdation will iublish in February as Its first Project Note of the year, a study of the effects of changes in the tax rates ott ilcome reported in tie years 1916 to date. Entitled Are High Sitrtax Rates Wl'ort/nwhile?, Project Note No. 41, will contain a dis. etissin of the arguments cot. erning the top marginal tax rates. Te7 Say: Whenever the mortgage talket is tight. tie social and political pressure for putting the governmtent directly ilito mortgage lending is very gr eat. That we sliill avoil just as far as possible. It hurtis tie blidget, delays tax reductions, and has all the disadvantages of extending governmenit paternalism into tite lives of out peolple. -t'. ltandltph Ititrctg, Ustur Acretlay i/ the Tueattr. New Budget Is Labelled 'Disturbing' Noting that there arte soni very dilsturbig factors in the Iropiosed fiseal 1958 Federal uidget. 1lcher j. Miller. Exce. titive )irectoi of the Tax Foulation Issued the followig comtent Otl the budget: While taxpa)ets call delive soetle degr of sitlslatilOl in that another balanced budget is forecast, theilrate alit, siise 'es iy disturbing lactors. The new budget is lialaui rtl at an extremely high level (it expelllitire ;fti taxatio Iith it tax reliel in sight ill the Ineset. A relatively igi hll i Inie l~l~Ca tivity llght 11pset the 1balacetl budget lorelasis. A itelitniiaty exaunationt discl ises ihat tihe $71.8 billion s lelitfilig Iolal (ilOt inchlinig I c .51.7 billion I lit' speut Ii tCs ligliswas wlicli is oiisile the Mitgetift hs lear Inr Ille fiist tiue), tlioselv apliroces tie Koreanl War'peak tot;al. Th le dowutnol In b Felela;l t'x. KetiitailiS whii his :\mii. Iratl n ithi e in Iilv li,(.l )Cars 1951 attd 11155. Ias, fihs revriscd ill filual 1956. :full Fed. cial spending 11:s heen steadily risiig cvcr si c. 'I lie nis' tiotal is sigulitanll) abve tile 5111.6 billion total in fistal 1955 -ithe low Elsetilusiver )ar-ald iiii a farcry [t) the ostWolid War I low of 5:13.1 billion. While estimated reven c htIr the fiscal year ($73.6 illitn) is the highest in listiy, ilh' Ino. IsedI ploglaill dhoes ut permit Isotli tax atful lebit t O tit. Eually dlisturhig is ile fat t tha tis ttbrdge[ calls for an cx- panlsiollin ci lian progtramns lie. Spite tile high exlpenditre levels also proposel for dlfeltse. With state aul lucal gotcel . ments facing groh lg lemadlis for iincreased exietitutes, thlis high Fetlc al tax burden greaily cotnlihties our ploblemns. ' lie Federal governineis shoul au must lead thre way by scarclilug out eveiy possible essitiy aI'lt by coistaiiily reviewig its IpO. grants aitnl activities itake siure ihey are absolitel) esettilal. More Tax Bills; No Tax Relief It used to be that tax bills in tie U.S. Congress wei tion. ceined exclusively with raising mney to pay lor go'crrtlcit spending, says tire Tax Foundation. Ammig the 500 or so bills introduced in the Ilouse of Representatives on the first day Congress met this year, here are some of tire listed piioses of various tax (?) measures: IIR 35: ifIR 36: Ilt .12: fIR 43: lift 128: IIlt 7: to assist small business to encourage equity investents thlotigh tax io. cetives. to etcourage the provision of Imising. to assist individuals to provide financial security upon retiremnentt. to tcicourale sinall.lstnsiness conicerns tIo engage iii foreign trade,. for the purpose of discouragin the growing cowll centration of business itnto a let,' giant cotpora tions. 'Ile liscotragiig part is that whluile everylsody aiil lis lrtotlie seems to Ile tryingi to use the tax system to s otte faticy job sit another, there is little or no progress in getting the terrific tax btrden off American backs. It may be modern ietesy to say so but Irliaps our lawmakers iecd to rrtietieler that the fita-it1 mentaljaIurpose of taxes is to raise money, flot to tedo Ilet economic or social systems,

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