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Tax Chief Opposes Immediate Tax Cut Amid Loopholes
Internal Revenue Commissioner Mortimer Caplin says the recession has bottomed and no income tax cut is needed to boost purchasing power. He argues abolishing tax preferences could raise sufficient revenue to finance Kennedy programs, while urging curbs on loopholes and abuses. Caplin notes tax refunds near five billion and about 2.5 billion still owed. He hints at potential incentives to spur business investment and hints at reforms to expense deductions. In separate remarks, Free man announces a consumer voice in farm policy to guard against high food prices, proposing a consumer committee to balance power between processors and farmers, noting that middlemen take 63 cents of every food dollar while farmers receive 37 cents.
MENTIONED IN THIS ARTICLE
Internal Revenue
Mortimer Caplin
Kennedy
Caplin
Congress
Écorofists
Washington
UPI
Agricure
Orville L. Freeman
Agriculture Department
Freedman