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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jan 24, 1963
Page
2
The proposal calls for an average 18 percent income tax cut for most Americans, with higher cuts for lower incomes and smaller cuts for higher incomes. It also includes structural reforms, reduced capital gains taxes, and lower annual tax rates on capital gains to broaden relief and adjust the tax system.
President Kennedy outlined a plan to boost elderly relief with a $300 tax credit, replacing the existing retirement income exemption. The proposal would tax all income above a threshold, extend housing relief, allow indefinite carryovers of capital losses, and impose capital gains tax on assets transferred at death or as gifts. He argues the changes would spur growth, shift the tax burden, and simplify filing for seniors.
President Kennedy urged Congress to tax cut proposals affecting corporate profits and depletion allowances for oil gas and mineral producers. He proposed lowering top corporate tax to 22 percent for large corporations reducing depletion to align with new rules and urged study of impact on resource development and investor attraction. The plan would shift some deductions and require taxation on sale of depleted properties, aiming to boost domestic energy development.
Washington AP reports President Kennedy proposes tax changes to raise the standard deduction and alter itemized deductions. About 6.5 million taxpayers could switch to standard deductions. higher income earners would still benefit, while middle earners may see a smaller cut or none. The plan aims to simplify filings though the impact varies by family size and income.
President Kennedy urged Congress to raise the 30 percent limit on charitable deductions to include all publicly supported charitable organizations. He argued that extending tax benefits would aid symphony orchestras cultural centers and other community cultural activities.
President Kennedy called for liberalizing tax benefits for 1963 and raised the $600 child care allowance. The plan would raise the income limit for the $600 credit to $7,000, expand exemptions for families with two children, and adjust phases to ease costs for working parents. The taxation table shows broader relief for joint returns and widowed parents.
AP reports illustrate how proposed tax changes could affect a typical married couple with two children. Tables compare adjusted gross income, new deductions, and the resulting federal tax bill under the plan, highlighting charity deductions and AGI thresholds.
President Kennedy proposed a fairer tax treatment for athletes actors authors artists and others with highly fluctuating income. He instructed Treasury Secretary Dilton to present to Congress an income averaging provision as part of the tax program. The change would also help some farmers ranchers fishermen attorneys and architects and cost about 30 million dollars a year to the government.
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