Annual report of the Secretary of the Treasury on the state of the finances for the year .. . axconsequences. Reduction of the presently high corporate tax rate will be the most meaning-ful and symbolic signal to business, to investors, and to the market of a seriousintent to assist business. Rate reduction has a character of permanence. We have proposed to makethe permanent tax reduction for individuals in large part by rate should do the same for corporations. Conclusion The program which we have proposed will be effective in reducing energyconsumption and oil imports. While the
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . axconsequences. Reduction of the presently high corporate tax rate will be the most meaning-ful and symbolic signal to business, to investors, and to the market of a seriousintent to assist business. Rate reduction has a character of permanence. We have proposed to makethe permanent tax reduction for individuals in large part by rate should do the same for corporations. Conclusion The program which we have proposed will be effective in reducing energyconsumption and oil imports. While there are complexities to be pondered bythose who design and those who enact it, it will be simplicity itself in ordinary citizen will be entirely unaAvare of anything except the change inrelative prices, for which he will have more money to si>end. He will continueto have complete freedom of choice. No new bureaucracy will be spawned. Andthe total tax burden on our least affluent citizens will have been significantlyreduced. 408 197 5 REPORT OF THE SECRETARY OF THE TREASURY. ^ EXHIBITS 409
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