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Tax reforms split on closing wealth shelters and capital gains
Washington AP report notes top Ways and Means leaders Mills and Byrnes say Nixon's plan does not end tax shelters for the rich. They urge removal of exemptions and loopholes, while the administration pushes interim steps including halving the surtax and repealing the investment credit. Mills sets August target for action. Cohen and Walker discuss capital gains changes to be studied by Nov 30. The piece also oddly includes a royal historical aside about Blenheim Palace and Churchill.
MENTIONED IN THIS ARTICLE
Washington
House
Ways and Means Committee
Nixon
Wilbur D. Mills
Wisconsin
John W. Byrnes
Treasury
Charis BE. Walker
Edwin S. Cohen
Congress
Mills
Byrnes
Walker
Cohen