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Tax reform urged as deficits loom for industry
J Irwin Miller of Cummins Engine told the Business Council the tax burden will rise due to federal deficits and that corporations must plan for higher taxes. He warned reform is needed to avoid regressive taxes harming the lower 75 percent and called for broad changes affecting business. Rep John Byrnes said a tax increase is essential and reforms will be the focus next year with attention to depreciation, investment credits, and foreign subsidiaries.
MENTIONED IN THIS ARTICLE
OT Springs
J. Irwin Miller
Cummins Engine Co., Inc
Miller
Business Council
Nixon
Indiana
John W. Byrnes
R-Wis
Council
Bynes
House
Ways and Means Committee
Caple
Defic
Onn
Byrnes