Rivlin, Dr. Alice M., Director, Congressional Budget Office PUBLIC WITNESSES American Hospital Association, Donald C. Wegmiller, president, Health Center System, Minneapolis, Minn American for Capital Formation, Dr. Charls E. Walker, chairman Aronsohn, Alan J. B., Esq., tax counsel, National Realty Committee.... Association of Private Pension and Welfare Plans, Edward J. Davey, execu- tive director and general counsel..... Birkmeir, Hon. Willard, mayor, Perkin, Ill Carlson, Dr. Jack, executive vice president, National Association of Realtors.... Coalition for Low and Moderate Încome Housing, Stephen B. Smith, member, 19 40 Dickinson, Kenneth, D., president, Dickinson, Logan, Todd & Barber, Inc., on behalf of the Mortgage Bankers Association of America... Employee Benefit Research Institute, Dallas L. Salisbury, executive director.... Franasiak, David E., manager, Tax Policy Center, U.S. Chamber of Commerce 273 78 57 Linton, Ron, executive director, Council of Pollution Control Financing Agen- Metzenbaum, Hon. Howard M., a U.S. Senator from Ohio Mortgage Bankers Association of America, Kenneth D. Dickinson, president, Dickinson, Logan, Todd & Barber, Inc.. Morgan, Richard E., research coordinator, Environmental Action Foundation.. National Apartment Association, Scott Slesinger, executive vice president...... National Association of Home Builders, David Smith, vice president and National Association of Realtors, Dr. Jack Carlson, executive vice president..... 134 204 ་ body na Lexecutive diremo Empire Benefit Research Institute... 13 Cam & Ommers Devis E Framesisk manager. Tax Policy We var in Grana B chairman, American for Cepne Forar we, chairman, tax subcommittee International Council of 273 238 140 241 57 263 259 254 209 164 VASA Y SANAY Doe from Senators Roth, Symms, Armstrong, Wallop, and VINDING @wement of Senator Howard M. Metzenbaum VANDRING #Went of Dr. Auce M. Riviin and her answers to questions from soby, saberent, of Senator Dave Durenberger Pagon, by Nonna A Noto and Dennis Zimmerman of the Congressional ADMINISTRATION'S FISCAL YEAR 1984 BUDGET PROPOSALS-II TUESDAY, JUNE 28, 1983 U.S. SENATE, COMMITTEE ON FINANCE, Washinton, D.C. The committee met, pursuant to notice, at 10:03 a.m., in room SD-215, Dirksen Senate Office Building, Hon. Robert Dole (chairman) presiding. Present: Senators Dole, Danforth, Long, Moynihan, and Bradley. Also present: Senator Metzenbaum. [The press release announcing the hearing and the opening statement of Senator Dole follows:] FISCAL YEAR 1984 BUDGET PROPOSALS Senator Robert J. Dole (R., Kans.), Chairman of the Senate Committee on Finance, today announced hearings for June 15, 16, 22, 23, 28, and 29, 1983, on budget proposals for programs within the jurisdiction of the committee. "The Williamsburg Summit Conference produced a clear message that Congress must act to reduce the projected Federal budget deficits to avoid jeopardizing the global economic recovery." Senator Dole stated, "In my view, the only 1984 budget blueprint that is likely to result in actual reduction of the deficit will be one that places the primary emphasis on spending reductions rather than on tax increases." "Any new revenue-if needed-should come from tax reform not tax increases. The hearings I am announcing today should assist the Finance Committee in preparing to implement any balanced and responsible budget compromise that may emerge," Senator Dole concluded. The hearings will begin on each day noted at 10:00 a.m. in Room SD-215 of the Dirksen Senate Office Building. The following is a schedule of hearings: TAX EXPENDITURES The hearings on June 28th and 29th will review the list of Federal tax expenditures. In announcing the hearings, Senator Dole noted, "While there may be a consensus that certain tax expenditures are justified such as the home mortgage deduction, for example, we have an obligation to review special tax breaks enjoyed by certain individuals or businesses to decide whether they are still functioning as intended and whether a particular incentive is justified in today's economy or could more carefully designed to accomplish the desired public policy goal more efficiently." PREPARED STATEMENT OF SENATOR DOLE TAX EXPENDITURES IN HISTORICAL PERSPECTIVE Seventy years ago, the Sixteenth Amendment to the Constitution was adopted authorizing the taxation of income "from whatever source derived". In the same year, Congress imposed a graduated individual income tax, with tax rates ranging from one percent, to seven percent. That top rate of seven percent was reserved for those taxpayers whose income exceeded $500,000. (1) |