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sons. Under 65, the personal exemption is $600; after the 65th birthday, it is $1,200. This explains part of the difference between John and Mary’s tax bill and Susan’s, and part of the disparity among the tax obligations of the four executives.
Married persons, regardless of how rich, are generously favored by the tax laws, while single persons and widows are at a disadvantage through the “split income" feature available to the married but not to the single. This explains further the differences in tax payments in the examples given above.
Persons who owe money get favored treatment, as against those who pay as they go. Those who manage their businesses in a profligate manner can avail themselves of tax benefits not usable by the thrifty businessman. The law favors those who work for another as against those who work for themselves; those who buy the bonds of a city or county against those who buy bonds of the United States GoveVnment; those who invest in common stocks against those who invest in corporate bonds; those who sell stocks and bonds for a profit against those who produce of grow for a profit.
Testimony has beeni given our committee estimating the total 1959 individual income of the American people at $400 billion. Of this, $250 billion is free of tax for
68.5%