Hope for the Future

After nearly two years of study, the Treasury Committee on Intergovernmental Fiscal Relations this week released a six-volume report examining in detail the problem of federal-state-local fiscal relations. One major problem graphically discussed is the impact on the taxpayer of the overlapping of these three tax-collecting Governments within the U.S. (see chart). In 1941, reported the study, the five big sources of tax revenue were: the corporation income tax ($2.2 billion); personal income ($1.7 billion); motor fuel ($1.3 billion); payroll ($1.9 billion) and realty ($4.5 billion).

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