REVENUE ACT OF 1963

INDEX TOHEARINGS

BEFORE THE

COMMITTEE ON FINANCEUNITED STATES SENATE

EIGHTY-EIGHTH CONGRESSFIRST SESSION

ON

H.R. 8363AN ACT TO AMEND THE INTERNAL REVENUE CODE OF 1954

TO REDUCE INDIVIDUAL AND CORPORATE INCOME TAXES,

TO MAKE CERTAIN STRUCTURAL CHANGES WITH RESPECT

TO THE INCOME TAX, AND FOR OTHER PURPOSES

PART 6

Printed for the use of the Committee on Finance

U.S. gOVERNMENT PRINTING OFFICE24-532 WASHINGTON : 1983

For sale by the Superintendent of Documents, U.S. Government Piinting OfficeWashington, D.C., 20402- trice l ctntS

INDEX

Part PageBurger, George J., vice president, National Federation of Inde- No. No.

pendent Business, Washington, D.C.---...--.. ------.----. 4 1767Supplemental statement---------------------...------. 4 1768

Campbell, Rolla D., National Council of Coal Lessors, Inc------ 5 2262Carey, James B., secretary-treasurer, Industrial Union Depart-

ment, AFL-CIO, and president Internatjonal Union of Elec-trical Radio, & Mlachine Workers of America-------------- 5 2627

Casey, Robert J., attorney, Association of American Railroads__ 3 1297Prepared statement.....-----------.. --....----------.. 3 1309

Chandler, Lester V., professor of economics, Department ofEconomics, Princeton University.......................... 2 866

Colbert, Asel R., chief of accounts and finance department, PublicService Commission of Wisconsin...---------.---.--------- 4 1855

Connolly, John L., Council of State Chambers of Commerce, byEugene F. Rinta, executive director------------------------ 2 935

Davis, John H., president, Marketime Drugs Ine-------------. 5 2131Dean, Howard B., of Harris, Upton & Co., ew York, N.Y., and

governor of the association of Stock Exchange Firms; accom-panied by Millard F. West, Jr., of Auchincloss, Parker, &Redpath; and Francis J. Hughes, general counsel ------------ 3 1175

Dean Stephen T., Florida Bar Association -...-----.--..... -- 3 1422Prepared statement---------...............-.......... 3 1426

Decker, Harold, immediate past president of the IndependentPetroleum Association of America------------------------- 5 2324

Prepared statement---------------------------------- 5 2325Delans, Robert B., president, Virginia Farm Bureau Federation,

Inc .........................-------------.---------- 4 1731Dillon, Hon. Douglas, Secretary of the Treasury------------- 1 121,249,

332, 381Prepared statement-.-------.. ---. -------------------. 1 131

Dingeman, James H., Federal-Mogul-Bower Bearings, Inc.------ 5 2647Dyer, John K., Jr., vice president and astipg, Towers, Perrin,

Foster & Crosby, Inc.......--- -.------.....------------ - 4 1932Edelman, Chester M., on behalf of the American Retail Federa-

tion--..----.--...------------------------------------- 3 998Ellis, Otis H., general counsel, National Oil Jobbers, Inc ...----- 4 2029

Prepared statement -------------------................ 4 2032Ford, Henry II, cochairman, the Business Committee for Tax

Reduction in 1963; Accompanied by Stuart T. Sanders, co-chairman and Frazar B. Wilde, vice chairman.-------------. 3 1219,

1263Foulk, Richard N., Insurance Brokers' Association of the State of

New York, Inc....-------- ------------------------------ 4 1925Freeman, Dr. Roger, senior staff member, The Hoover Institu-

tion, on War Revolution, and Peace, Stanford University,Stanford, Calif ..............------------------------- - 3 1335

Fanston, G. Keith, president, New York Stock Exchange; ac-companied by Alger B. Chapman, Jr., vice president of the ex-change; Weston Vernon, Jr., counsel for the exchange; andStan West, associate research director of the exchange .------- 2 911

Gilbert, Robert A., managing director, Intercontinental Research& Analysis Co., New York City.....................--- -.. 2 742

Prepared statement ---_.. ------.--- ---------.- 2 746Goldman, Richard L., on behalf of Mutual Fund Plan Sponsors,

Inc ------------------------- ------------------ 5 2092Gonzalez, Richard J., director, Humble Oil & Refining Co., ap-

pearing on behalf of American Petroleum Institute, Mid-Con-tinent Oil & Gas Association, Rocky Mountain Oil & Gas As-sociation, and the Western Oil & Gas Association..--...---.-- 5 2359

Prepared statement ------.-------- ------------- 5 2376Gordon, oHn. Kermit, Director of the Bureau of the Budget-... 1, 2 443, 539

Prepared statement.. . .-- .--- ------------.... __ _. 1 443Grover, George G., Public Utilities Commission of the State of- California --- ..-----......-----------------.----- 4 1841

Prepared statement...----..... -------------------.... 4 1849

Part PageNo. No.

Gruening, Hon. Ernest, a U.S. Senator from the State of Alaska. 5 2231Gullander, W. P., president, National Association of Manufac-

turers_----------.---.----...--------------------------- 3 1030Hall, E. S., secretary, Freedom, Inc., Farmington, Conn-.--.. .-3 1213Harrar, William H., 42d Street Association, Inc------------ - 4 1853Harriss, C. Lowell, professor of economics, Columbia University. 3 1455Headlee, Richard H., for the United States Junior Chamber of

Commerce --------------------------------------------- 2 715Heller, Walter W., Chairman, Council of Economic Advisers; ac-

companied by Gardner Ackley and John P. Lewis, members_- 4 1579IIellmuth, William F., dean, College of Arts and Sciences, and pro-

fessor of economics, Oberlin College------------------------ 5 2173Herrmann, David W., on behalf of the National Association of

Shoe Chain Stores--------------------------------------- 5 2471Hoadley,.Walter E., vice president and treasurer, Armstrong Cork

Co.; accompanied by Jesse R. Smith, Washington counsel---- 2 942Hodges, Hon. Luther H., Secretary of Commerce------------- 1 323

Prepared statement ---------------------------------- 1 323Hoffman, Raymond A., chairman, Federal taxation committee,

Illinois State Chamber of Commerce; accompanied by NormanJ. Beatty, manager, tax department ----------------------- 3 1437

Resolution-.-----.--..--..----..-------------------- - 3 1438Prepared statement..---------.------------..--------- 3 1443

Horne, William M., Jr., member, Tax Policy Committee, Manu-facturing Chemisf' Association, Inc.; accompanied by RaphaelSherfy, special counsel.---------------------------------. 3 1488

Appendix-...-----------------..--------.----------- 3 1497Hyde, WV. Trusloe, Jr., F. S. Smithers & Co., New York, N.Y..- 3 1106

Prepared statement --..--------------------------- 3 1109Jackman William president, Investors League, Inc.; as presented

by Robert A. Gilbert, chairman, International Division, In-vestors League, Inc..------------------------------------- 4 1733

Javits, Benjamin A., president, United Shareowners of America,Inc ..----.-----------------------..-------------------. 4 1693

Johnson, H. Clay, executive vice president and general counselof the Royal-Globe Insurance Cos., appearing on behalf of theNational Board of Fire Underwriters---------------------- 5 2*63

Prepared statement-.------------------....--.-- ------- 5 2665Jones, Mark M., president, National Economic Council, Inc - - 2 736Kandell, Leonard, New York, N.Y...................------- 5 2500Keel, William, research division, Democratic National Committee;

accompanied by Harold Leventhal, counsel, Democratic Na-tional Committee------------------------.. .------------.. 2 451

Keyserling, Leon H., consulting economist and attorney-------- 2 629, 719Prepared statement--.............-- ..... - -- ..------ . 2 629

Kuhfuss, William, president, Illinois Agricultural Association..-- 3 1519Leach, William J., Associated Industries of New York State, Inc. - 4 1929Lentz, Hover T. Denver, Colo------------..---------------- 4 2010Lester, Garner AM., chairman, board of directors, National Tax

Equality Association------------------------------------- 3 1522Lewis, Carroll F., honorary chairman, committee on taxation, the

Manufacturers Association of the City of Bridgeport, Conn.,Inc -------------------------------------------------- 3 1070

Little, Bernard H., secretary-treasurer of the Ohio Brass Co. onbehalf of the Ohio Manufacturers Association --------------- 3 1098

MacKay, Archibald E., Financial Executives Institute--------- 4 1915Magill, Roswell, New York, N.Y---------------------------- 2 801Marshall, Charles, president, Nebraska Farm Bureau Federation. 3 1315Martin, Hon. William McChesney, Chairman of the Boird,

Board of Governors of the Federal Reserve System; accom-panied by Guy E. Noyes, Director of Research and Statistics,Board of Governors of the Federal Reserve System ------------ 5 2695

hiibax

May, A. Wilfred, New York, N.Y...--...-....-....-......McDonald, Angus, associate director, legislative services division,

National Farmers Union, for James G. Patton, national presi-dent.....................--.......------................

McRee, Johnson Jr., Manassas, Va ..----------------------..Mpek, Thomas B., chairman of the National Association of In-

vestors' Brokers. ---------------------------------...Mentzer James S., treasurer, American Finance Conference, Inc..Miller, Hon. Jack, a U.S. Senator from the State of Iowa ------..-

Prepared statement---------... -----.........----------Musgrave, Richard A., professor of economics and public affairs,

Princeton University-....---------------..---.. -----------Nagle, John F., chief, Washington office, National Federation of

the Blind-----------------.............................-Neuberger, Hon. Maurine B., a U.S. Senator from the State of

Oregon...----------.--- .......................--.....--Newman, Ralph, president of the Association of Customers'

Brokers Washington D.C..............................Brokers, Washngton. D.C ------------------------- -Newton, Edward W., Meriden, Conn.........................Newton Floyd C., Jr., chairman Tax Committee, American

Textile Manufacturers Institute, Inc....................-----Paul, Victor, on behalf of the Committee for Repeal of the Federal

Retail Excise Tax............- ....-..-..-..Pechman, Joseph A., director of economic studies, the Brookings

Institution-. .......................................Prepared statement ...---------------------.............

Peloubet, Maurice E., Price Watterhouse & Co-..--------.. ----Attachments- ---- --....................................

Peterson, William H., professor of economics, New York Uni-versity Graduate School of Business Administration.---------..

Prepared statement -- .-------.---.----.------..----..Price, Karl R., Washington, D.C......--------.. ------..-----Reed, A. I., member, Public Information Committee uf the

Cotton Industries. ------------.. ------......--------.....Prepared statement--..--..--------..------------------.

RHiner, Richard L., secretary-treasurer of Super Stores, Inc-. --Retzlaff, Peter, president, National Football League Playets

Association; accompanied by Peter T. Postmantur, legislativecounsel.------. - ....------------------------------------

Richmond, David W., Investors Syndicate of America, Inc.----.Memorandum. . ..------------------------------------

Rosenbaum, Edwin J., economist, New York, N.Y .----------Roth, Arthur T., cochairman, Banker's Committee for Tax

Equality ........-------------------.....---------------------------......Rothschild, V. Henry, 2d -------... -----------------------Saunders, Stuart T., cochairman, the Business Committee for

Tax Reduction in 1963; accompanied by Henry Ford II, co-chairman, and Frazar B. Wilde, vice chairman --------.----.

Schlenger, Jacques T., representing Broseco Corp.-----,------Prepared statement --------. ----------------..-------

Schlichter, Donald C., president, the Northwestern Muitual LifeInsurance Co., Milwaukee Wis., on behalf of the AmericanLife Convention, the Life Insurers Conference, and the LifeInsurance Association of America ..------------------------

Seghers, Paul D., president, Institute on U.S. Taxation of ForeignIncome, Inc.--....-----------------------.-----------

Shuman, Charles B., president, American Farm Bureau Federa-tion; accompanied by John C. Lynn, legislative director andHerbert Harris, assistant legislative director, American FarmBureau Federation ..-------.----------------------------

Siegfried, CharlesA., on behalf of the American Life Convention,the Life Insurers Conference, and the Life Insurance Associa-tion of America -----------------------------------

Part 'ageNo. N.

5 2639

2 7962 859

5 21025 20995 24585 2464

5 2199

4 1979

5 2453

5 21063 1331

3 958

6 2219

5 22125 22163 14103 1415

4 16954 17135 2086

4 17204 17225 2501

5 24925 22415 22433 10SO

3 10555 2608

3 1219,1263

5 21095 2112

951

2247

2 819

4 1006

INDEX

Singer, Russell E., executive vice president, American AutomobileAssociation: accompanied by Fleming Bomar, tax counsel; Part Pag.and Kermit B. Rykken, director, highway and legal depart- No. No.ment--........---------------------------------. 4 2000

Slowinski, Walter A., attorney: accompanied by John Outland,president, Club Managers' Association; and William Amlong,.executive director, National Club Association -------------- 4 1750

Smith, Danthroop, professor of finance, Harvard GraduateSchool of Business Administration ...--------------------- 2 755

Sparkman, Hon. John, a U.S. Senator from the State of Alabama. 4 1760Stahl, Steve, executive vice president, Oklahoma Public Expendi-

tures Council, and president, Investors' Union of America.... 3 * 1155Stewart, Charles W., president, Machinery & Allied Products

Institute ----------------------...............-------- 3 965Prepared statement ----------------------------------- 3 971

Strauss, Adm. Lewis (retired), Washington, D.C-------------- 5 2619Strackbein, O. R., chairman, Nation-Wide Committee on Import-

Export policy......--....---............................ 3 1325Swidler, Joseph C., Chairman, Federal Power Commission; accom-

panied by Russell C. Rainwater, chief accountant----------- 4 1797Prepared statement ----- ..---------------------------- 4 1801

Swim, Dudley, Carmel, Calif-....-------......-.------..---- 5 2667Taylor, Tyre, general counsel, Southern States Industrial Coun-

cil---------............................----------...-----.....................-------. 3 1451Thompson t H. L., Jr., president National Wholesale Hardware

Association; accompanied by Gene Smith, president, the Okla-homa Hardware Co.; and Bruce Wall, secretary, NationalWholesale Hardware Association-------..---.------------- 3 1536

Thompson, Julia C., R.N., American Nurses' Association------- 5 2482Prepared statement---------------------..------------- 5 2488

Todd, John 0., on behalf of the Association of Advanced LifeUnderwriting; accompanied by Leonard L. Silverstein andGerald H. Sherman, counsel-----------------.. -----..-..- 4 1937

Tucker, Robert H., vice president and secretary, MinnesotaMining & Manufacturing Co.; accompanied by Richard Brust,manager, tax department------------...-----------------. 4 1739

Walker, Charls E., executive vice president, American BankersAssociation; accompanied by Leslie C. Peacock, director ofresearch; and Charles R. McNeill, director, Washington office,American Bankers Association .-----------------..------. 2 893

Wall Thomas J., president, Mersick Industries, Inc.--------.-- 5 2641Prepared statement---------------.. ------------.------ 5 2644

Wallace, Emmett, president, Emmett Wallace Associates, NewYork, N.Y --. ...------------...---- ...............----. 5 2650

Prepared statement------------------------.. --.. ------ 5 2654Wasserman, William S., New York, N.Y-..-----.. ...-- ..--.- . 2 888Wilbourne, Moses H., president and treasurer, Cole Supply Co.,

Tuscaloosa, Ala.----------------.-----...---..-- ----- ... 3 1209Wilson, Wallace W., vice president, Oil Division, Continental

Illinois National Bank & Trust Co. of Chicago-..---...----- 5 2386Wold James B., the Associated Industries of Alabama--..----- 3 1321Woods, Stanley C., president, Texas Landowners & Independent

Oil & Gas Producers Associatidn.----..--.----------------. 5 2392Young, Andrew B., on behalf of the American Bar Association_- 3 1085

COMMUNICATIONS

Akron Automobile Club, the, Akron, Ohio, letter of Roger T.McCloskey, secretary-manager, to Hon. Frank J. Lausche---. 4 2047

Alabama Petroleum Jobbers Association, Inc., Montgomery,Ala., letter of Richard C. Belser to the chairman .-----..---- 4 2054

All Funds, Inc., New York, N.Y., letter of George R. Nelson,branch manager to committee-----.------- ... ..----.---- 2 576

Allegheny Power System, Inc. New York, N.Y., letters of J. LeeRice, Jr., president, to the Chairman.--...--..--- ....---.-.. 4 1953

% 2051

Part PageAllott, Hon. Gordon: No. No.

Letters to chairman-.----.----------------------..... 2 6214 2028

Statements----------------------...-----------------.. 5 2406,2407

Aluminum Co. of America, statement------------------------ 4 1956American & Foreign Power Co., Inc., statement of Kenneth B.

Sprague, vice president----------------------------------- 5 2311American Apparel Manufacturers Association, Inc., Washington,

D.C., letter of Ellis E. Meredith, executive vice president, tothe chairman....---------------------------------------. 5 2535

American Chamber of Commerce in Japan, The, Marunonchi,Chiyoda, in Tokyo, Japan, letter to chairman..---------.--. 2 601

American Federation of Musicians, AFL-CIO, statement ofHerman Kenin, president-------------------------------- 5 2526

American Gas Association, New York, N.Y., letter and enclosureof R. P. Briggs, chairman, Committee of Executives on Taxa-tion, to the chairman------------------------------------ 4 2041

American Hotel & Motel Association, statement of VernonHerndon, governmental affairs committee------------------- 5 2539

American Institute of Certified Public Accounts, statement ofThomas J. Graves, general chairman, committee on Federaltaxation--------------------------.--------.------. 5 2412

American Iron Ore Association, statement of John R. Greenlee,chairman.----------------------------------------... 5 2315

American Library Association, letter and enclosure of GermaineKrcttek, director, Washington office, to the chairman ------- 5 2450

American Life Convention, Chicago, Ill., letter of Glendon E.Johnson to the chairman-------------------------.--.---- 4 1977

American Metal-Lux, Inc., Hartford, Conn., letter and enclosureof Philip Savy, president, to chairman-...---------...... ---- 2 577

American Mining Congress, letter of Robert H. Bogue, to thechairman .----------------------------------.---------- 5 2690

American Telephone & Telegraph Co., statement of John J.Scanlon, vice president and treasurer ----------------------- 4 1683

Americans for Democratic Action, statement of Edward D.Hollander, chairman, executive committee------------------ 2 793

Arizona Automobile Association, Phoenix, Ariz., letter of Fred Q.Adams, president, to the chairman- -----------------------. 4 2052

Akransas Oil Marketers Association, Inc., Little Rock, Ark., letterof B. B. Cook secrethry-treasurer, to the chairman---------- 5 2452

Arkansas State Nurses' Association, Little Rock, Ark., letter ofHilda Scott, executive director, to chairman.--------------- - 3 1009

Associated Retail Bakers of America, statement of William A.Quinlan, general counsel--------------------------------- 5 2571

Association of American Railroads, letter of John A. Craig, toMrs. Elizabeth B. Springer, chief clerk of the committee- --. . 3 1304

Association of Customers' Broke.-s of Washington, D.C., letter ofRalph Newman, president, to chairman ------------------- 2 585

Association of the Bar of the City of New York, the statement ofthe committee on taxation ...---------------------------. 5 2063

Association of Realty Investment Corporations, Inc., statement ofSidney Z. Mensh, president-----...........--------------------- 5 2676

Atlantic Nationel Bank of Jacksonville, the, Jacksonville, Fla.,letter of Edward W. Lane, Jr., president, to chairman-------- 3 1014

Authors League of America, Inc., the, New York, N.Y., Idtter ofRex Stout, president, to the chairman...------------------ 5 25S9

Automobile Club of New York, Inc., New York, N.Y., letter ofWm. J. Gottlieb, president, to the chairman ---------------- 4 2048

Barker, Robert W., Washington, D.C., letter to the chairman.. 5 2672Bell, Leslie, V., Deer Lodge, Mont., letter to Hon. Mike Mans-

field--....--------------.-.---.--. ....---------------- 5 2531Blair County Motor Club, Altoona, Pa., resolution. ---------- 4 2050Blough, Roy, professor of international business Graduate School

of Business, Columbia University, New York City------------ 5 2136

VIII INDEX

INDEX IX

Part PageBlue Goose Growers, Inc., Fullerton, Calif., letter of W. Thomas No. No.

Davis, president, to the chairman.--------.---------------- 5 2317Boesel, Milton C., Toledo, Ohio, letter to chairman ----------- 2 593Boston Insurance Co., Boston, Mass., letter of C. S. Hart, presi-

dent, to chairman-------------------------------------- 3 1126Broseco Corp., letter and enclosures of Jacques T. Schlenger, to the

chairman -----------.--------------------------------- 5 2127Brotherhood of Railway & Steamship Clerks, Cleveland, Ohio,

letter of H. L. Beck general chairman to chairman---------- 3 1134Buffalo Forge Co., Buffalo, N.Y., letter of W. R. Heath, president,

to the chairman ....-------------------------------------- 4 1952Business and Professional Women's Clubs of New York State,

Inc., letter of Huldah C. Segal, legislative chairman, to thechairman.---------------------------.------------------ 5 2524

Byrd, Hon. Harry F., chairman of the Committee on Finance,statement-----.---------------------------------------- 5 2505

Byrnes, George B., Los Angeles, Calif., letter to the chairman---- 3 1565Campbell, Hon Joseph, Comptroller General of the United States,

letter to Hon. Leverett Saltonstall.----.------- -------- 3 1557Carlson, O. Roy, Newark, N.J., letter to chairman------------- 2 687Caterpillar Tractor Co., Peoria, Ill., letter of W. Blackie, presi-

dent, to chairman-----------------------.--------------. 2 608Celina Insurance Group, Celina, Ohio, letter of Edward R.

Baily, vice president, personnel, to the chairman -----------. 3 1561Central National Life Insurance Co., Jacksonville, Ill., letter of

Richard Yates Rowe, president, to Hon. Paul H. Douglas....- 5 2508Chamber of Commerce of the United States, letter and enclosure

of Theron J. Rice, legislative action general manager, to chair-man------------------.---.-------------------.-------- 2 462

Chapman, Norris E., Denver, Colo., letter to the chairman------ 4 1967Chase Manhattan Bank, the, New York, N.Y., letter of George

Champion, chairman of the board of directors, to chairman 2 621Chicago Association of Commerce and Industry, Chicago, Ill.,

statement of Edward C. Logelin, president, and Walker Winter,chairman, Federal revenue and expenditures committee------- 3 1016

Chicago Bar Association, the, Chicago, Ill., letter and enclosureof Norman H. Nachman, president, to chairman ------------- 2 603

Children's Service Society of. Utah, the, Salt Lake City, Utah,letter of Virginia Lee Bennett, executive secretary, to chairman - 2 582

Chole, John P., Milwaukee, Wis., letter to chairman-....--.--... 6 2675Cincinnati Automobile Club, Cincinnati, Ohio, letter of Otis R.

Hess, vice president, to the chairman----..----------------- 4 2004Citizens Committee for Tax Reduction and Revision in 1963,

letter and enclosure of Howard R. Bowen, chairman, to chair-man------------------------------------------------- 2 601

City of Stanton, Stanton, Calif., letter of Richard F. McCarthy,mayor, to the chairman.----- ..-------------------------.. 4 1959

Clay, Henry J., New York, N.Y., statement ----------------- 5 2229Clay Pipe Industry Depletion Committee, Washington, D.C.,

statement of Clark Sutherland, chairman--------..----.--.-- 5 2678Cleveland Automobile Club, The, Cleveland, Ohio letter of

Frederick T. McGuire, Jr., president, to Hon. Frank J. Lausche. 4 2052Coffee, Melvin A., Denver, Colo., letter to Hon. Peter H. Domi-

nick--------- ---------------------------------------- 3 1010Collins, Jack L., St. Petersburg, Fla., letter to Hon. Spessard L.

Holland -------------------------------------.. --------. 2 619Columbia Gas System, Inc., the New York, N.Y., letter and

enclosure of John W. Partridge, president, to chairman------- 3 1128Commerce Acceptance Co., Atchison, Kans., letter of 0. E.

Wainscott, president, to chainnan-.---.----.. ------ ....... 2 585Commerce & Industry Associaivn of New York, Inc., statement

of Arthur M. Arnold, tax v el..-----------.-----.----..- 4 2056Commonwealth of Massac s, The, University of Massa-

chusetts, Amherst, Mass. . r of Philip L. Gamble, head, de-partrent of economics, t . chairman..------------------- 5 2288

24-532-3--pt. 0--2

INDEX

Connecticut Mutual Life Insurance Co., The, letter of StellaFord Stephens, to chairman..--------------------------

Consolidated Edison Company of New York, Inc., New York,N.Y., letter of B. E. Gallagher, vice president, to the chairman.

Council of Profit Sharing Industries, Chicago, Ill., letter of S. B.Noble, president, to the chairman--------------------- ---

Council of State Chambers of Commerce, Washington, D.C.,letter and enclosure of Eugene P. Rinta, executive director,to the chairman- -...-----------------------------------

Crain, Lucille Cardin, Waincott, Long Island, N.Y., letter tochairman ---------... ------------------..-------------

Dairymen's League Cooperative Association, Inc., New York,N.Y., letter of Glenn Talbott president, to the chairman.---.

D'Arrigo, Stephen, Salinas, Calif., on behalf of D'Arrigo Bros.Co. of California, and California Grape & Tree Fruit League--

Davis, Charles W., Chicago, Ill., memorandum-.-----------Dayton Area Chamber of Commerce, Dayton, Ohio, letter and

enclosure of Julian de Bruyn Kops, chairman, national affairscommittee to chairman.-------.... ----------------------

Detroit Steel Corp., Detroit, Mich., letter of Nathan H. Siegel,secretary, to chairman ....------------------------------

Dillon, Hon. Douglas, Secretary of the Treasury:Letters to the chairman---........------------------------

Letter to Hon. Eugene J. McCarthy-------------------Letter and enclosures to Hon. George A. Smathers..------

District of Columbia Retired Teachers Association, Washington,D.C., letter of Margaret Moore, legislative chairman, to chair-man..---- ----------------------------------------

Dohrmann, Henry J., Charlotte, N.C., letter to Hon. B. EverettJordan ---------------------------------------------

Dominick, Hon. Peter H., letters to chairman--.---------------

Dominick, Hon. Peter H., statement-----------------------Dynalectron Corp., Washington, D.C., letter of C. G. Gulledge,

president, to the chairman------------------------------Eddy, George A., Alexandria, Va., letter and enclosure to the

chairman......---------------------- ------------------Edison Electric Institute, statement of Walter Bouldin, president.E. I. du Pont de Nemours & Co., statement of R. R. Pippin,

treasurer ....------.....---------..----- -------------Eisner, Robert, professor of economics, Northwestern University,

statement.--..----.-------------------------------------Electronic Industries Association, statement of David Flower,

Jr., chairman tax committee.-----.--.. -----------------Eli Lilly & Co., Indianapolis, Ind., letter of J. E. Marmon, group

vice president to the chairman..-----------------------...Empire State Chamber of Commerce, Inc., Albany, N.Y., letter

of John J. Roberts, executive vice president, to the chairman -E. M. Todd Co., Inc., Richmond, Va., letter of A. Churchill

Young, Jr., president, to the chairman------------------Erskine Morse, San Francisco Calif., letter to the chairman....---Esbe Corp., the, Stamford, Conn., letter of Morris S. Shipley,

president, to chairman-..--------------------------------Estate Planning Council of Southeast Florida, Miami, Fla.,

letter of John G. McKay, Jr., secretary, to the chairman...-- -Faultless Caster Corp., Evansville, Ind., letter of Walter W.

Noelting executive vice president and treasurer, to chairman--Federated insurance, Richmond, Va., letter of Earl Wagner, Jr.,

manager, mid-Atlantic division, to chairman.......---------...-----First National Bank in Dallas, Dallas, Tex., letter of F. C.

Carter, Jr., senior vice president, to the chairman .----------First National Bank of Kansas City, the, letter of Alfred L. Ben-

jamin vice president to chairman..--------------------Foley, Eugene P., Administrator, Small Business Administration,

statement --.-----------------... --------------------..

PartNo.

.3

4

5

5

2

5

56

PageNo.1137

1965

2225

2735

600

2224

25172545

3 1022

2 619

4 1755,1905

5 21055 2600

1173

596621

20282407

2049

25441885

1960

1871

2672

1957

1553

26671546

606

2298

1014

1132

1553

1135

1025

INDEX

Foremost Dairies, Inc., San Francisco, Calif., letter of R. W.ApHugh, manager, employee benefits and insurance, to chair-man_...- --------------------................... ..

Forest Industries Committee on Timber Valuation and Taxation,Washington, D.C., letter of William K. Condrell, secretary, tothe chairman..---i ----...-------- .................

Frankfort Junior Chamber of Commerce, Frankfort, Ky., resolu-tion submitted by Morris E. Barton, president ----------....

Frederick Snare Corp. statement of Mitchell B. Carroll, andletter of John F. Myslik, secretary and treasurer, to Hon.Russell B. Long ------..................................

Fong, Hon. Hiram L., statement--...--------.. ------------.Garlock. Inc., Palmyra, N. Y., letter of A. J. McMullen, president,

to chairman.....---...................................General Electric Co. New York, N.Y., letter of G. L. Phillippe,

president, to the chairman -----------------... . ----. ------General Motors Corp., statement...---------...........---..General Telephone Co. of the Northwest, Spokane, Wash., letter

of A. J. Barran, president to the chairman-.........--.....Goettsche, Wayne K., Houston Tex letter to the chairman-..--Government Employes' Council, AFL-CIO statement.......-----Greater Hartford Chamber of Commerce, Hartford, Conn., letter

of James E. Bent, president, to Hon. Abraham A. Ribicoff---....Grede Foundries, Inc., Milwaukee, Wis., letter of L. T. Newman,

secretary and treasurer, to the chairman......-------.--.....Gregory, Edgar P., Colorado Springs, Colo., letter to Hon. Peter

Dominick--..........................-..................Griffith, James B. Havertown, Pa.; letter to chairman --------Grinnell College, Libertyville, Ill., letter and enclosure of Edwin

Shields Hewitt, chairman, board of trustees to chairman.....Gyrodyne Co. of America, Inc., St. James, Long Island, N.Y.,

letter of Stanley Ruffett, assistant treasurer, to chairman ....Harclerode, Albert P., Salt Lake City, Utah, letter to Hon. Frank

E. Moss........................-.....................Harris-Intertype Corp., Cleveland, Ohio, letter of F. C. Szuter,

secretary, to committee ........................-------..Hartford Fire Insurance Co. Group, Hartford, Conn., letter of

Hale Anderson, Jr., assistant general counsel, to chairman ..Hawaii Federation of Business and Professional Women's Clubs,

The, Honolulu, Hawaii, letter of Mary Ellen Swanton, Statelegislation chairman, to the chairman-------------...................---

Hawaii State Chamber of Commerce, letter of Clifford H. Bow-man, president, to chairman ----------.........---------

Hawaiian Telephone Co., Washington, D.C., letter of Omar L.Crook, its attorney, to the chairman...................--..

Health Insurance Association of America letter and enclosures ofPaul M. Hawkins, Washington counsel, to the chairman......

Herzberg, Arno, Newark N.J., statement.................-----Hicks, Paul Do Forest N etv York, N.Y. letter to the chairman..Hodges, Hon. Luther H., letter to the chairman ...--.........Hosmer Hon. Craig, letter to chairman----...................Hotel & Restaurant Employees and Bartenders International

Union, AFL-CIO, statement of Cyrus T. Anderson, Washing-ton representative----...................................

Housley, Conrad, Long Beach, Calif., letter to Hon. CraigHosmer ---.................... .....................----

Howell, Leslie E., Indianapolis, Ind., letter and enclosures tochairman -----------...................................

Idaho Mining Association, Boise, Idaho, letter of A. J. Teske,secretary-treasurer to the chairman .............---.......-

Illinbis Commerce Commission, Chicago, Ill., letter and en-closure of Henry A. Tacon chief accountant, to chairman----

Illinois State Chamber of Commerce, letter and enclosure ofRaymond A. Hoffman, chariman, Federal Taxation Com-mittee, to the chairman -----.............- -..............

Independent National Gas Association of America, statementsof Laurence H. Gall, executive director--r -.-----..-------..

Part PageNo. No.

3 1012

5 2149

3 1119

25332559

1135

25691963

195816602543

2043

1561

1118590

572

1125

2054

606

1133

2507

1137

1883

1074215419641883

'1118

2537

1566

610

2317

1868

1868

2046

INDEX

Independent Oil Producers & Landowners Association, Tri-State Part PageIllnois-Indiana-Kentucky, statement of Elmer L. Hoehn, No. No.executive secretary-----------------------------.------. 5 2410

Independent Retail Food Distributors of Maryland, The (affili-ated with National Association of Retail Grocers), letter andenclosure of Joseph L. Manning, managing director, to Hon. J.Glenn Beall ---------.-------------------.--....--.---. 2 540

Industrial Home for the Blind The, Brooklyn, N.Y., letter ofGeorge E. Keene, chairman, Legislative Committee, AmericanAssociation of Workers for the Blind, to the chairman.---.--. 3 1566

Investment Bankers Association of America, statement of A. N.Overby, chairman, Foreign Investment Committee---------- 5 2509

Investment Bankers Association of America, statement of John R.Haire, chairman, Federal taxation committee --------------- 5 2513

Iowa Taxpayers Association, Des Moines, Iowa, letter of WalterR. Cochran, president, to the chairman--------------------- 5 2229

James S. O'Bryan, CLU, insurance, Van Nuys, Calif., letter of,to the chairman.--.. ---............................. 4 1958

Jenkins, Arthur M., Charlotte, N.C., letter and enclosure tochairman --------------------------------------........ 2 595

Johnston, William W., Longmeadow, Mass., letter to chairman-.. 2 623Jones, Frank K., Berwyn, Pa., letter to the chairman---------- 5 2290Kabell, Heinz G., letter and enclosure to lion. Winston L.

Prouty.-----------------------------------....-------- 5 2531Karelitz, Leon, Dallas, Tex, letter to chairman -----......---. 2 580Keating, Hon. Kenneth B., letter to the chairman------------. 5 2536Kentucky Federation of Business and Professional Women's

Clubs, letter of Mrs. Mary N. Johnson, State legislation chair-man, to the chairman -.-----------------------------.---. 5 2506

Kesler, Jas. P., Co., Long Beach, Calif., letter to lion. Thomas H.Kuchel-------------..--.--.--.---.-----------...------. 2 586

Keyserling, Leon H., Washington, D.C., letter to chairman----- 4 1756Knoxville Association of Life Underwriters, The, Knoxville, Tenn.,

letter of Jack K. Westbrook, CLU president, to the chairman- 3 1559Lancaster Chamber of Commerce, Lancaster, Pa., letter of

Daniel B. Strickler, president, to the chairman -------------- 5 2299Latham, Dana, Los Angeles, Calif., statement---------------- 3 1554Lausche, Hon. Frank J letter and enclosure to chairman ------- 2 616Levinson, L. L., Smithfield, N.C., letter and enclosure to chair-

man..---------------------.-----------------------.... 2 572Life Insurance Association of America, letter of Eugene M.

Thor6, vice president and general counsel, to the chairman-... 4 1977Lincoln National Life Insurance Co., statement of Henry F.

Rood executive vice president...------------------------- 3 1562Lloyd Corp., Ltd., Beverly Hills, Calif., letter and enclosure of

David W. Yule, treasurer, to the chairman.----------.. ----- 5 2159Lodding Engineering Corp., Auburn, Mass., letter of Israel

Weisman, treasurer, to lion. Harold D. Donohue------------ 3 1132Long, lon. Russell, letter and enclosures to the chairman---..- 3 1547Loucks, William D., Jr., New York, N.Y., letter to chairman--- 3 1122Lowrimore, Charles S., Wilmington, N.C., letter to the chair-

man----..-------------------------------------.------- 4 1882Lysett, D. W., Birmingham, Ala., letter to chairman-----.... -- 2 613MacDonald, S. J., Knoxville, Tenn., letter to chairman--------- 2 614Machinery & Allied Products Institute, Washington, D.C.,

letter and enclosure of Charles W. Stewart, president, toSenator Dirksen.---------------.-----------.---. ------. 5 2693

MacKinnon, Donald S., Los Angeles, Calif., letter to chairman..- 2 584Magill, Roswell, New York, N.Y., letter to the chairman.-----. 4 1953Mallory, P. It., & Co., Inc., Indianapolis, Ind., letter of G. B.

Mallory, president, to chairman..---.---------------------. 2 587Martin, Hon. William McC., Jr., chairman of the Board of Gov-

ernors of the Federal Reserve System, letter and enclosures tolion. Paul H. Douglas---.....------------------.------- 5 2703

Maryland Nurses Association, Inc., Baltimore, Md., letter ofAlice M. Sundberg, president, to the chairman-----------...--- 3 1562

Maryland State Federation of Business and Professional Women's Part PageClubs, Inc., Marriottsville, Md., letter of Margaret A. Bowers, No. No.legislation chairman, to the chairman ---------------------- 5 2506

Massachusetts Department of Public Utilities, statement ofNorman Mason, chairman-- ----------------------------- 4 1840

Massachusetts Mutual Life Insurance Co., San Jose, Calif., letterof Paul L. Hulme, district manager, to chairman------------ 3 1006

McCargo, William T., Pompano Beach, Fla., letter to the chair-man------------------------------------------------- 5 2135

McCourt, Hans, West Virginia State senator, statement sub-mitted by Senator Robert C. Byrd of West Virginia---- ----- 2 541

McFarland, John, Drexel Hill, Pa., letter to chairman---------- 2 608Methodist Hospital of Southern California, Arcadia, Calif.,

letter of Walter R. Hoefflin, Jr., administrator, to the chair-man ------------------------------------------------ 4 1955

Michigan State Nurses Association, Lansing, Mich., letter ofEleanor M. Tromp, executive secretary, to chairman--------. 3 1009

Millard, R. A., Greenbrae, Calif., letter to chairman----------- 2 624Miller Electric Manufacturing Co., Appleton, Wis., letter of G.

K. Willecke, director of research, member of executive com-mittee, to the chairman __--_-------.------...-------- 4 1966

Moore, Gordon S., Houston, Tex., letter to chairman---------- 3 1124Mumford, L. Quincy, Librarian of Congress, letter to chairman. 2 592National Association of Manufacturers, statement------------ 5 2574National Association of Real Estate Boards, statement of Ralph

R. Borchard, chairman, Realtors' Washington Committee.... 5 2283National Association of Small Business Investment Companies,

Washington, D.C., letter to James W. Howard, president,to the chairman.---------------.-------------------. 3 1551

National Association of Wholesalers, The, Statement of Col.James W. Roberts.--------------- --------------------- 4 1687

National Bank of Detroit, Detroit, Mich., letter of Henry T.Bodman, president, to chairman.------------------------- 2 1011

National Coal Association, Washington, D.C., statement ofBrice O'Brien, general counsel-----------------------------. 5 2314

National Farmers Union, letter of Angus McDonald, associatedirector, legislative services, to Hon. Albert Gore ------------ 2 800

National Lumber & Building Material Dealers Association,statement of John H. Else, legislative counsel--------------. 5 2555

National Metal Trades Association, letter of Guy Farmer,general counsel, to the chairman _---_ ------------------- 4 2051

National Old Line Insurance Co., Little Rock, Ark., letter ofR. D. Loury, to Hon. John L. McClellan ------------------- 3 1542

National Restaurant Association, statement of Ira H. Nunn,Washington counsel------------------------------------- 5 2565

National Screw & Manufacturing Co., The, Cleveland, Ohio, letterof R. H. Leukart, to the chairman ---------------------- 3 1561

National Small Business Association, letter of John A. Gosnell,general counsel, to chairman ----------------------------- 3 1409

Nebraska State Legislative Committee, Brotherhood of Railway& Steamship Clerks, Freight Handlers, Expess & StationEmployees, Omaha, Nebr., letter of Anton F. Munch, chair-man, to chairman 3------_ ------------- ------------ ---- 1008

Nevada Federation of Business and Professional Women's Clubs,Las Vegas, Nev., letter of Mrs. . . Gragg, Nevada legislativechairman, to the chairman. ----.--------------------- --- 5 2509

New Jersey Federation of Business and Professional Women'sClubs, Inc., Linden, N.J., letter of Emma C. Mc(Gall, Statelegislation chairman, to the chairman --------------------- 5 2508

New York Chamber of Commerce, statement of Mark E. Rich-ardson---------------------------------------- 4 1681

New York State Automobile Association, Albany, N.Y., letter ofGeorge M. Frauenheim, president, to the chairman--------- 4 2049

New York State Bar Association, report of the tax section onH.R. 8363----- --------------.----.-----------------. 5 2163

New York Stock Exchange, letter and enclosure of G. KeithFunston, president, to Hon. Paul H. Douglas--------------- 5 2085

INDEX XII

Part PageNiagara Mohawk Power Corp., Syracuse, N.Y letter and enclo- No. No.

sure of It. D. Constable, vice president, to the chairman-.... 3 1550Norman F. Dacy & Associates, Inc., statement of Norman F.

Dacy, president--------------------------.-------------- 4 1969Norwich Mills, Inc., Norwich. N.Y., letter of D. E. Skinner,

treasurer, to chairman----.--.. ----------..--------------- 3 1007Ohio Crankshaft Co., The, Cleveland Ohio, letter of Paul T.

Koenig, secretary and treasurer,.to Hon. Frank J. Lausche.-- 4 1968Ohio Federation of Business and Professional Women's Clubs,

Columbus, Ohio, letter of Lillie B. Salzwedel, chairman, legis-lation committee to the chairman ------------------------- 5 2507

Ohio State Nurses Association, Columbus, Ohio, letter of DorothyA. Cornelius, executive director, to chairman..---------.---- 3 1021

Oil Producers Agency of California, statement of Stark Fox --- 5 2409Oregon"Highway Users Conference, Salem, Oreg., letter and en-

closure of George W. Dewey, chairman, to Hon. Maurine B.Neuberger----------------------.. ---------------------- 3 1542

Oregon Nurses Association, Inc., Portland, Oreg., letter of BerthaG. Byrnc, executive secretary, to chairman---------------- 3 1021

Osborn, James G., Jonesboro, Ark., letter to chairman--------- 2 614Owens-Illinois Glass Co., statement of Palmer W. Hancock, vice

president and treasurer.----------.----.--....--------- . 3 1018Pacific Scientific Co., San Francisco, Calif., letter of Shipherd

Robinson, treasurer, to the committee--------------------- 3 1543Patterson, Mrs. Nola E., Atlanta, Ga., letter to chairman ..... 2 615Pearson, Ilon. James B., letter to chairman.------------------ 3 1008Peck Co., The, Michigan City, Inc., letter of James O. Peck, in-

dustrial marketing counsel, to the chairman---------------- 4 1727Pennsylvania Power & Light Co., statement of Chas. E. Oaks,

chairman of the board ----------------------------------- 4 1569Peter Kiewit Sons Co., Omaha, Nebr., statement of William H.

Wright.-----.--.--..-------.------------------------ . 5 2275Peterson-Poling & Associates, Orlando, Fla., letter of W. H.

Peterson, to the chairman.------------------------------- 5 2310Philadelphia Bar Association, Philadelphia, Pa., letter of Leonard

Sarner, chairman, to the chairman------------------------- 5 2434Phoenix Insurance Co., the, Hartford, Conn., letter of J. D.

Taylor, president, to chairman --.-----. --------------. 3 1013Phoenix Mutual Life Insurance Co., Hartford, Conn., letter of

Alvin H. Polley, Jr., regional vice president, to lion. NorrisCotton . _----.----------. --- -----------..-------- ---- 2 605

Phoenix Mutual Life Insurance Co., Hartford, Conn., letter ofHoward E. Taylor, associate manager, to chairman ---------- 3 1119

Plans, Inc., Washington-New York, letter and enclosure of LewisC. Burwell, Jr., chairman, to the committee--- ----- ------- 4 19'1

Powell, George V., Seattle, Wash., letter to chairman ---------- 2 596Proprietary Association, statement....-------.. ---.---------- 5 2562Prouty, Hon. Winston L., letters to the chairman-------------- 5 2524,

2525Provident Mutual Life Insurance Co. of Philadelphia, Philadel-

phia, Pa., letter of Thomas A. Bradshaw, president, to chair-man.----------.---------------.----------------------. 3 1007

Provo Junior Chamber of Commerce, Provo, Utah, telegram tochairman --------.....-- ...---------------------------- 2 718

Public Service Commission of Indiana, statement of Merton Stan-ley, chairman..----..- --... --...---------- -------. . .. . 4 1903

Public Service Commission of New York, letter of James A.Lundy, chairman, to committee -------------------------- 4 1855

Pullman, Inc., Chicago, Ill., letter and enclosure of Champ Carry,chairman of the board, to chairman ----------------------. 2 588

Pullman, Inc., statement of D. H. Larmee, assistant vici presi-dent, taxes------------........------------------------- 3 1547

Realty Committee on Taxation, New York, N.Y., statement ofHenry J. Clay, counsel ..----------..-------------..------ 5 2229

Reno Business and Professional Women's Club, Reno, Nev., letterSof Pearl O'Boyle, legislative chairman, to the chairman..------ 2507

XIV INDEX

INDEX

Retallick, William B., Canonsburg, Pa., letter to the chairman...Reuben H. Donnelley Corp., the, New York, N.Y., letter of E.

Garrett Bewkes, Jr., secretary and general counsel, to chair-man---------------------------................................---------............--

Richfield Oil Corp., Los Angeles, Calif., letter of Charles S. Jones,chairman of the board, to chairman.--.--------.---------.

Richmond, David W., Washington, D.C., letter and enclosureto the chairman -------------------..--------------..---.

Roanoke Chamber of Commerce, Roanoke, Va., letter and en-closure of Jack C. Smith, executive vice president, to chairman.

Rocky Ford National Bank, the, Rocky Ford, Colo., letter of H.Lee Sturgeon, executive vice president, to chairman..-----...

Roesch, Paul R., Walla Walls, Wash., letter to Hon. Warren G.Magnuson-------------------------------------------

Rohm & Haas Co., Philadelphia, Pa.:Letter of Ralph Connor, chairman of the board, to chair-

man-----------.......................------------.Letter of E. T. Sauer, plant manager, to chairman.......--

Rosanetz, Herman, New York, N.Y., letter to the chairman -.--Rowe, Harris, Jacksonville, Ill., to Hon. Thruston B. Morton ----Ryan, John E., Jr., Seattle, Wash., letter to the chairman------Sales and Marketing Executives-International, statement of

Charles J. Sanders, Jr., executive vice president---..........Saltonstall, Hon. Leverett, letters and enclosures to the chairman.

Sargent, D. A., Oakland, Calif., letter to committee--.....-----Saulnier, Raymond J., Barnard College, Columbia University,

New lork, N.Y., statement--......----------------------Schenk, P. B., Richmond, Va., letter to chairman-------------Schwengel, Hon. Fred, statement--------------------........Screen Actors Guild, Inc., Hollywood, Calif., letter of John L.

Dales, National executive secretary to the chairman--.-----Shank, M. E., Medina, Ohio letter to chairman ...------------Sheppard, Walter Lee, Jr., Havertown, Pa., letter to chairman.Smith, Dan Throop, Harvard University, letter to Mrs. Elizabeth

B. Springer, chief clerk, Committee on Finance......--.....-Smith, Mrs. Frances R., Akron, Ohio, letter to lion. Frank J.

Lausche ------------------------------------.........Somers, H. Peters, Philadelphia, Pa., letter and enclosure to the

chairman----....--------...- ..................-......South Dakota State Federation of Business and Professional and

Women's Clubs, Inc., Flandreau, S. Dak., letter of Mrs. EdithStokes State legislation chairman, to the chairman ---.....

Spacek, Leonard, Chicago, Ill., statement...................Spindell Robert F., Chicago, Ill., letter to chairman...........Stam, Colin F., chief of staff, Joint Committee on Internal

Revenue Taxation, letter and enclosure to Hon. Albert Gore..Standard Oil Co., of California, San Francisco, Calif., letter of

H. L. Severance, secretary, to chairman---............-....Standish, Alexander, Canterbury, N.H., letter to Hon. Norris

Cotton---..--.. --------- ----......--.....----...---Steele, H. F., Cumberland Center, Maine, letter to Hon. Mar-

garet Chase Smith----------------.......................Strathmore Paper Co., West Springfield, Mass., letter to H. D.

Johnston, president, to the chairman......................Structural Clay Products Industry Depletion Committee, Wash-

ington, D.C., statement of Neill Boldrick, chairman---........Surrey, Stanley S., Assistant Secretary, Treasury Department,

letter to Colin F. Stam, Joint Committee on Internal RevenueTaxation.-..................--.-- .......................

Surrey, Hon. Stanley S., Assistant Secretary of the Treasury,letters and enclosure to the chairman.................-......

Swidler, Joseph C., Chairman, Federal Power Commission, letterand enclosure to Hon. Wilbur D. Mills.............-......

XV

Part PageNo, No.

3 1664

1125

1134

1887

582

1121

607

594101922891127

,2149

253815561776609

2305592

2556

1544620623

771

576

2300

25061870568

1487

1014

2044

580

1952

2684

1068

2273

1806

XVI INDEX

Texaco, Inc., letters and enclosures of Augustus C. Long, chair-man of the board, to the chairman.--------........ ........

Tilton, H. B., Traill County, N. Dak., statement---___.---- ...Todd, Edwin H., North Tarrytown, N.Y., letter to chairman_ _Toledo Automobile Club, The, Toledo, Ohio, letter of E. L.

Bowsher, secretary-manager, to Hon. 'rank J. Lausche.-----Transportation Association of America, statement of Robert E.

Redding, vice president and general "ounsel.--.--.. ..-------Tool Steel Gear & Pinion Co., The, Cincinnati, Ohio, letter of

Sanford M. Brooks, president, to chairman ----------------Townsend Co., Beaver Falls, Pa., letter of F. F.. Dickenson,

president, to the chairman------------------------.......-Trailmobile, New Orleans branch, New Orleans, La., letter of

George Dennis, branch manager, to Hon. Russell B. Long..--Underwood, Neuhaus & Co., Houston, Tex., letter of Joseph R.

Neuhaus, to the chairman --------------...............---Union Bank Los Angeles, Calif., letter of Harry J. Volk, presi-

dent, to Hon. Clair Engle.--------------------------------United Labor Committee of Hennepin and Anoka Counties,

Minn., letter of L. J. LeVoir, cochairman, to chairman.----..United Presbyterian Church in the United States of America, the,

Philadelphia, Pa., letter of Eugene Carson Blake, stated clerk,to chairman-.....------. ---..--.........................-

United States Council of the International Chamber of Com-merce, Inc., New York, N.Y., letter of Ellsworth C. Alvord,chairman, Committee on Taxation, United States Council ofthe International Chamber of Commerce, to the chairman....

United States Gypsum Co., Chicago, Ill., letter of C. H. Shaver,chairman of the board, to chairman.---------------------

United States Independent Telephone Association, Washington,D.C., letter of Clyde S. Bailey, executive vice president, tothe chairman...--------------- --------------------------

United States Junior Chamber of Commerce, affiliated withJunior Chamber International, Tulsa, Okla., letter to chairman -

Virginia Manufacturers Association, statement of Charles H.Taylor, Richmond, Va.------.. ---.-------------.--------

Voice of the People in Action, The (The Society of the People,Inc.), letter and enclosure of Russell Forrest Egner, president,to the chairman----------------------------- ----------

Walker, B. H., Jr., Richmond, Va., letter to chairman........--Washington State Nurses Association, Inc., Seattle, Wash., letter

of Geraldine Fletcher, executive secretary, to chairman.....--Wayne Hummer & Co., Chicago, Ill., letter of George E. Barnes,

partner to the chairman - .------------------------------.We, the People, Chicago, Ill., letter of Harry T. Everingham,

president, to the chairman--.--------.---------------------Webb, Marian, Chicago, Ill., letter to chairman..........---------...Weckstein, Richard S., Department of Economics, Brandeis

University, Waltham, Miss., statement---------..............----....------Weed, H. C., Jr., director of revenue, State of Colorado, Denver,

Colo. letter to Hon. Gordon Allott _--__---------....... -.Weise, . S., Jewell, Iowa, statement---------------.....................Welch Grape Juice Co., Inc., The, Westfield, N.Y., letter of

H. Barrow, personnel manager, to tlhe chairman .---.-------Welter, William J., Maumee, Ohio, letter to IIon. Frank Lausche.Werner, Theodor, Woodhaven N.Y., letter to chairman....---.Wertheim & Co., New York, N.Y., statement of John W. Hanes,

Jr..... .. .. .......................-----------------------West Virginia Nurses Association, Inc., Charleston, W. Va.,

letter of Juliann Pitter, executive director, to chairman....-----Western Diversified Services, Inc., Chicago, Ill., statement of

J. Milton Edelstein .------------------- --------------Windhorst, John W., Minneap611s, Minn., statement--.......--Wirtz, Hon. Willard W., Secretary of Labor statement----.....Wisconsin Corp. Seattle, Wash., letter and enclosure of Daniel

M. Gribbon, Washington, D.C., to the chairman....... ..------

Part PageNo. No.5 2397,

24003 15283 1126

4 2053

4 1890

3 1013

3 1560

3 1547

5 2223

5 2297

2 591

2 574

1136

616

1884

586

2527

2528591

1022

2045

1435603

2150

24092319

1549575627

2621

1006

195421411540

2132

Part PageNo. No.

Wright, Thomas C., Minneapolis, Minn., letter to. chairman..... 2 602Writing Instruments Manufacturers Association, Inc., statement

of Alfred P. Diotte, president ---------------------------- 5 2302York & Co., Investment Securities, San Francisco, Calif., letter

of Palmer York, Jr., to the chairman..--------------------- 4 1957Ziegler, Stephen S., New York, N.Y., letter to the committee__ 5 2138

ADDITIONAL INFORMATION

"A Bright Third Quarter," editorial in the Washington Post,submitted by Senator Carlson_ -------------------- -- 2 818

Accounts receivable, 5-year average, 1958-62, of the Bostwick-Braun Co., Toledo, Ohio, submitted by the National WholesaleHardware Association ----------------------------------- 3 1539

Amendment to H.R. 8363 intended to be proposed by SenatorJohn J. Williams..-.--------------------------- -------- 5 2323

Amounts received from employer on sale of residence of employeein connection with transfer to place of work, submitted byRichard B. Barker------------------------------------- 4 2009

Analysis of administration's example concerning the use of cashvalues as collateral, submitted by the Association of AdvancedLife Underwriters ------------------------------------ 4 1944

Analysis of increased cost incurred through financing of insurancecontract, submitted by the Association of Advanced LifeUnderwriters ..-------. --------.. .-------------------- 4 . 1944

Analysis of Secretary of the Treasury's example comparing pur-chase of term insurance to purchase of what is described as"typical minimum deposit insurance plan," submitted by theAssociation for Advanced Life Underwriters----------------- 4 1944

Application of personal holding company proposals of the Housebill to nine cases, submitted by Secretary of the Treasury- - - 1 288

Areas of witness testimony on H.R. 8363 before Senate FinanceCommittee, submitted by Senator Hartke---.-------------- 4 1785

Average income, excluded capital gains and total deductions byamended gross income classes; all returns with $500,000 ormore adjusted gloss income, 1959, .submitted by SenatorDouglas----------------------------.. -----------.------ 1 279

Averaging provision-Effect on judgments of $3 million, sub-mitted by Secretary of the Treasury----..---------------- .1 318

Breakdown of AGI of married couple with two dependents withtypical dividends, capital gains, and other income, submittedby the Secretary of the Treasury-------------------------- 5 2604

Budget estimates: Receipts, new obligational authority, expendi-tures, and public debt, submitted by the American FarmBureau Federation ----.--------------- ------------... 2 821

"Budget Makers Are Not Budget Cutters," articie in the WallStreet Journal, November 1, 1963, submitted by InvestorsLeague, Inc..---------------..------------------.------. 4 1737

Change in tax liability for individuals resulting from disallowanceof deduction for certain State and local taxes, submitted bySenator Bennett---------------------------------.--.---- 1 423

Changes in administrative budget expenditures, fiscal years1958-61 and 1961-64:

Submitted by the Bureau of the Budget ----------------- 1 408Submitted by Senator Douglas-------------------------- 3 957

Changes in effective tax rates from present law, under House bill,and under House bill modified by retaining present capital gainprovisions, for high income taxpayers with low, medium, andhigh proportions of capital gains, submitted by the Secretaryof the Treasury--------------... .--..-------..----------- 5 2606

Changes in fiscal leverage under budget outlook, submitted byRichard A. Musgrave, Princeton University--...----........ 5 2206

Changes in 1964 administrative budget expenditures for programsother than defense, space, and interest, submitted by theCouncil'of Economic Advisers -.-------------------------- 4 1610

INDEX XVII

Part PagChanges in outlook for 1964 administrative budget expenditures, No. o.

submitted by the Bureau of the Budget----------------.--. 1 445Contributions to the Business Committee for Tax Reduction in

1963----------------------------------------------- - 3 1267Corporate profits and cash flows to gross national product, sub-

mitted by Senator Gore-.------------------------------- 3 1487Corporate profits related to GNP in the postwar period, sub-

mitted by the Secretary of Commerce--------------------- 1 329"Cut in Taxes Held No Help to Bulk of U.S. Unemployed,"

article in the Washington Post, October 27, 1963, submitted by: Senator Gore----- ------------------------------------- 3 1199Deficit trends in France since 1945, submitted by International

Research and Analysis Co., New York City---------------- 2 743Detailed explanation and additional recommendations for tax

revisions, submitted by the Manufacturing Chemists Associ-ation----- -------------------------------------------- 3 1497

Dispersion of ordinary taxable income for married taxpayers, withadjusted gross income of $500,000 or more, 1961, submitted bythe Secretary of the Treasury-.---------------------...--- 5 2604

Distribution of tax levies, all levels of government, fiscal year,1960, submitted by Investors League, Inc.---------------- 4 1739

Distribution of tax reduction under administration plan andHouse bill excluding corporate rate cut and capital gainschanges, submitted by Richard A. Musgrave, PrincetonUniversity ------------------------------------------- 5 2206

Distribution of tax reduction under House bill adjusted to includecorporate rate cut and tax reduction on long-term gains, sub-mitted by Richard A. Musgrave, Princeton University -------- 5 2207

Effect of a $10 billion Federal tax reduction on State and local taxrevenues, submitted by Secretary of the Treasury ..----.---- 1 390

Effect of inflation on stimulation of the economy from tax re-duction, submitted by the Secretary of the Treasury ---------- 1 413

Effect of tax program on U.S. balance of payments, submitted bythe Secretary of the Treasury - ---------.. -----....--... 1 420

Effective tax rates based on adjusted gross income and amendedadjusted gross income for all taxable returns, 1960, submittedby Senator Douglas-------------------------.--------... 1 278

Estimated annual cost of goods and services providing a modestbut adequate standard of living for families of different size, typeand age, 20 large cities and suburbs, autumn, 1959, submittedby Senator Douglas---------------------...---...... - 3 1041

Estimated average annual tax reduction per individual incometaxpayer under H.R. 8363 when fully effective (by adjustedgross income class), submitted by the chairman--.----------- 1 239

Estimated average annual tax reduction per taxpayer under H.R8663 when fully effective, by adjusted gross income class, sub-mitted by the Secretary of the Treasury.------...---------- 1 240

Estimated cash available to corporations in 1965, submitted by theManufacturers Association of the City of Bridgeport, Conn.,Inc ...---------------------------...---..-...--..... 3 1077

Estimates of increase in personal income in the mid-1960's attribu-table to the tax bill, submitted by the Secretary of the Treasury 1 350

Expenditures by fiscal years, 1961-63, submitted by SenatorBennett-...---.--------------------------------------. 1,3 407

956Comment prepared by the Bureau of the Budget- -------. 1 408

Expenditures under Kennedy administration less for functionsother than defense, space, and interest in first 3 years than last 3years of Eisenhower administration, submitted by SenatorDouglas ----------------------------------..... .-----.. 3 956

Federal Government receipts, submitted by the Council ofEconomic Advisers.---------------..-----------------... 4 1602

Federal tax revenues, expenditures and purchases of goods andservices, as percentage of GNP: 1948, 1957, and 1963, submittedby the Council of Economic Advisers--------------.------- 4 1582

Financial analysis of 33 petroleum companies, 1962, submitted bythe Independent Petroleum Association of America.---------- 5 2331

XVIII INDEX

Financing America's Future: taxes, economic stability and growth Part Page(exerpts from the report of the Committee on Federal tax No. No.Policy submitted by swell Magill, New York, N.Y.....--- 2 806

Financing the budget deficit over the next few years, submitted bySenator Dirksen--..-..---------------------------------- 5 2713

Fixed capital expenditures in the major industrial nations as apercentage of gross national product, submitted by the Chamberof Commerce of the United States------.-----...---------- 2 504

Freight car ownership, submitted by the Association of AmericanRailroads-..----------------------..------------------ 3 1301

Government and private debt in the United States, submitted bythe Federal Reserve System------------------------------- 5 2721

Group term life insurance examples of "Jumbo" policies, sub-mitted by Secretary of the Treasury ................--... . 1 306

History of special treatment of dividends to eliminate or ame-liorate double taxation, submitted by the Minnesota Mining &Manufacturing Co....................................... 4 1742

Hypothetical budget outlook with tax cut and balance in 1968,submitted by Richard A. Musgrave, Princeton University..-- 5 2205

Identification of sections of H.R. 8363, submitted by SenatorHartke-----------.................................... 4 1782

Illustrations of problems produced by the bill, submitted by theInsurance Brokers' Association of the State of New York, Inc. 4 1928

Increase in administrative budget, submitted by the Bureau ofthe Budget-------...----------..---.------------------ 1 408

Increase in "taxable income" after present law tax under theHouse bill, for selected "taxable income" levels, 1965, sub-mitted by the Secretary of the Treasury------------------.. 5 2603

Individual income tax liability: Under present law tax rates,under H.R. 8363 tax rates, and under uniform percentage in-crease in taxable income after present law tax; selected levels oftaxable income, 1965-single person and married couple, jointreturn, submitted by Senator Gore-------.................. 1 354, 355

Individual income tax, proposed rate structure compared withpresent and H.R. 8363 rates, submitted by the National Asso-ciation of Manufacturers-----------.----.. ----..--------- 3 1036,

1037"Interest Deduction Clause Could Hurt," article in the Insurance

Field, October 25, 1963, submitted by the Association of Ad-vanced Life Underwriting--------------.. -----.----------- 4 1942

Invitee list-Organization meeting, the Business Committee forTax Reduction in 1963, Washington, D.C., April 25 1963--.. 3 1265

List of structural changes in H.R. 8363 which might increase anindividual's tax, together with their estimated revenue impactin a full year of liability, submitted by the chairman-..-----. 1 238

Male and female workers in an insured status, submitted bySenator Douglas------------------.... -----------.. ..-.--- 3 1146

Maximum level of income a person over age 65 would have andstill be free of all income tax, submitted by Senator Douglas.. 3 1144

Married taxpayer with two dependents, submitted by the Manu-facturers Association of the city of Bridgeport, Conn., Inc..--- 3 1079

Median and range of effective deduction rates by amended grossincome classes; all returns with $500,000 or more adjustedgross income, 1950, submitted by Senator Douglas........... 1 282

Median family incomes, budget costs for a city worker's family offour (CWFB) and gross average weekly earnings in 1959, forgeographic areas, b State, submitted by Senator Douglas--..-- 3 1042

Membership of the Business Committee for Tax Reduction in1963...................---- ---- . ...............-.....- 3 1277

Memorandum on a value-added tax, submitted by Dan ThroopSmith, Harvard University---------...-------... ---------- 2 779

Net additional cash available to corporations, submitted by theManufacturers Association of the City of Bridgeport, Conn.,Inc.................... ..............-...........-. 3 1078

New $1 Federal Reserve notes going into circulation, submittedby the Federal Reserve System ------------. --------------- 5 2702

News release sent to Democratic Governofs by the DemocraticNational Committee, submitted by William KIeel ------------ 2 457

INPDX

Number of returns by effective tax rates based on amended gross Part Pageincome by income classes; all returns with amended gross in- No. No.come of $500,000 or more, 1959, submitted by Senator Douglas. 1 281

Number of returns by effective tax rates based on adjusted grossincome by income classes; all returns with adjusted gross in-come of $500,000 or more, 1959, submitted by Senator Douglas. 1 280

Opinion of the General Counsel re Federal Power Commissionauthority over cooperative borrowers from the Rural Electrifi-cation Administration, submitted by the Federal Power Com-mission---------------------------------------.------- 4 1814

Order to show cause why respondents should not be required tocomply with requirements of the Federal Power Act, submittedby the Federal Power Commission-------------------------. 4 1828

Percent change in real GNP and major categories of expenditurefor goods and services, 1957-62, submitted by the BusinessCommittee for Tax Reduction in 1963 ---------------------- 3 1225

Percentage distribution of effective tax rates based on amendedgross income by income classes; all returns with adjusted grossincome of $500,000 or more, 1959, submitted by SenatorDouglas-..------.---------.---------------------- --- 1 280,281

Percentage increases of income, expenditures, and savings overpreceding year, submitted by Council of State Chambers ofCommerce-.-------------------------------------------- 2 942

Personal income and consumer spending in the postwar period,submitted by the Secretary of Commerce -------------------- 1 326

Personal income versus taxable income (1960) submitted by theManufacturers Association of New Haven County------------ 3 1531

Principal differences between the tax treatment of Federal, State,and local government employees who are not covered by socialsecurity with those who are, submitted by Senator Douglas..... 3 1149

Public witnesses before Senate Finance Committee on H.R. 8363,submitted by Senator Hartke------------------------------ 4 1782

Questions of Senator Carlson to Joseph C. Swidler, Chairman ofthe Federal Power Commission, and replies thereto ------------ 4 1837

Questions submitted to the Secretary of the Treasury by SenatorCurtis and replies thereto.------------.------------------- 1 440

Questions submitted to Secretary of the Treasury Dillon bySenator Gore and replies thereto.----------.---------------- 1 366

Ratio of several profit measures to the gross product of corporatebusiness, 1923-41, 1946-61, submitted by the Secretary of theTreasury .--------------------------------------------- 1 395

Receipts and expenditures of each administration from 1900 todate, submitted by Senator Williams----------------------- 1 268

Recent Treasury financing experience, submitted by SenatorDirksen---------------------------------------------- 5 2711

Recent experience in the profit wage share, submitted by the Sec-retary of the Treasury ----------------------------------- 1 395

Reconciliation of Treasury and Louis Harris' estimates of 1959gains realized on stock, submitted by the Department of Re-search and Statistics of the New York Stock Exchange-------- 5 2085

Record of consumer expenditures over the past 10 years, sub-mitted by the Secretary of the Treasury ------------------- 1 419

Relationship of corporate profits and gross national product(ONP), profits before taxes and after taxes and ratios of profits toGNP, submitted by Senator Bennett---------------------- 4 1657

Relief from double taxation of dividends, selected counties, as ofOctober 1963, submitted by the New York Stock Exchange--- 2 919

Resolution adopted by the house of delegates, August 1963, andreport of the Section of Taxation of the American Bar Associa-tion--------------.----------------------------------- 3 1085,

1087,1088

Revenue effect of disallowing the deduction for miscellaneoustaxes, submitted by Senator Bennett-.--------------------- 1 423

Revenue loss and gain from direct and indirect effect of reductionof capital gain inclusion from 50 percent to 40 percent and re-duction of minimum rates from 25 percent to 21 percent, sub-mitted by the Treasury Department----------------------- 5 2274

INDEX

Rise in the average number of civilians unemployed in 1958 and1961, report issued by the Bureau of Family Services, Depart- Part Pagement of Health, Education, and Welfare, submitted by Senator No. No.Hartke .------------------------------------.. ------ 4 1646

Schedule of interest-bearing public marketable securities maturingin fiscal years 1964 and 1965, outstanding October 1, 1963, sub-mitted by the Secretary of the Treasury-------------------- 1 418

Scheduled witnesses already in House committee record, sub-mitted by Senator Hartke------------------------------ 4 1783

Some observations on the House proposal affecting personalholding companies, submitted by Andrew J. Biemiller, AFL-CIO-..-----.------------------------------.---.-- 2 850

Special message on the balance of payments of the President tothe Congress, submitted by the Federal Reserve System------ 5 2726

State gasoline taxes paid tad amount of reduction of tax savingsby disallowing deduction of gasoline tax under H.R. 8363, formarried taxpayers in selected income brackets, submitted byHon. Stanley S. Surrey, Assistant Secretary of the Treasury.- 5 2607

Statement made by Dr. Walter Heller on October 28, 1963, be-fore the Subcommittee on Employment and Manpower of theSenate Committee on Labor and Public Welfare, submitted bySenator Douglas.--------. -------------------------------. 4 1662

Status of appropriation bills, 1st session, 88th Congress, submittedby the chairman.-- ---------------------------------- 3 1229

Stock options are in the public interest-says this company presi-dent; they provide a vigorous incentive for one of our most im-portant national resources, management, article in the HarvardBusiness Review, July-August 1961, -submitted by SenatorGore.-----------------------------------------..----. 5 2593

Summary of administration budget expenditures in fiscal year1963, submitted by the Bureau of the Budget--------------- 1 444

Summary of fate of administration tax "reforms" proposals inHouse bill, submitted by Senator Douglas------------------ 1 314

Summary of positions of National Coal Council of Coal Lessors,Inc., submitted by National Council of Coal Lessors, Inc..... 5 2266

Tax-free dividend payments by private power companies, submittedby Senator Gore- .------------------------------------- 4 1808

Tax incentive to spur exports is weighed; decision isn't likelybefore next year, article in the Wall Street Journal submittedby Hon. Jack Miller ---,-------------. ..--....---...-.... 5 2470

Tax increase on dividend income for the average shareownerunder administration proposal, married couple, $7,750

salary plus $850 dividends, submitted by the New York StockExchange...---------------.---------------..... ......- - 2 913

Tax reduction survey, submitted by Bankers Committee for TaxEquality----------------------------..........--... 3 1056

Tax savings and increase in after-tax income under House bill-Married couple with two dependents, with typical dividends,capital gains and other income, and typical itemized deduc-tions, submitted by Senator Gore......---------.. ---------- 2 709

Tax savings and increase in after-tax income under House bill,bill, married couple with two dependents, with typical divi-dends, capital gains and other income and typical itemizeddeductions, submitted by the Secretary of the Treasury ..... 5 2605

Tax savings and increase in after-tax income under House billwith present capital gains treatment for married couple withtwo dependents, with typical dividends, capital gains, and otherincome and typical itemized deductions, submitted by theSecretary of the Treasury ------....-------.----..-..--... 5 2605

Tax savings timetable for average taxpayer to purchase $300washing machine, submitted by the Manufacturers Associa-tion of the City of Bridgeport, Conn., Inc.-..--..--------.. 3 1079

Tax table for personal tax rates, submitted by Richard II.Headlee, United States Junior'Chamber of Commerce-------- 2 718

Tax treatment of capital gains, selected countries, as of October1963, submitted by the New York Stock Exchange---------- 2 918

Taxable portion of group life insurance, submitted by the Manu-facturing Chemists' Association------.--..---.-...-- ...- -. 3 1511

XXII

Taxation of gain from the sale of sectic.s 1231 type assets in se-lected European countries, submitted by Senator Douglas....

Technical memorandum concerning Federal income tax treat-ment of Moffatt Tunnell Improvement District taxes, sub-mitted by Hover T. Lent, Denver, Colo-----...............

Telegram of the Democratic National Committee referred to bySenator Gore.-------------------------------------------

The budget for fiscal year 1964, submitted by American FarmBureau Federation....----------------------- ---------..

The effect of the AFL-CIO minimum standard deduction pro-posal, submitted by Andrew J. Biemiller.---.---------------

Three Times Earnings' formula integrated with social security,submitted by the Associated Industries of New York State,Inc.........-- -------------------------..........

Treasury estimate of the tax Imposed on mutual banks and sav-ings and loan associations under the Revenue Act of 1962,submitted by the Treasury Department -----............

Two elements of our balance-of-payments position, submitted bythe American Farm Bureau Federation------------.--------

Unfair tax laws, editorial in the State, Columbia, S.C., submittedby Senator Neuberger......---------------.--.............

U.S. balance-of-payments data, submitted by the Secretary ofthe Treasury...----------------------....- ..............

Will these sniffles develop into pneumonia, submitted by theNational Association of Counties-.............-...........

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