Congress Should Close the Loophole
NEXT to the oil depletion allowance, the hoariest unsettled tax argument in Washington involves the virtual immunity of giant cooperatives from income taxes. More than 10,000 co-ops gross more than $13 billion a year, yet pay less than 6% of their profits in federal and state income taxes, compared with the 52% federal corporate tax alone. This year, in his budget message, President Eisenhower asked for new taxes for coops, and last week the House Ways & Means Committee started hearings on the question: How much should co-ops be...
To continue reading:
or
Log-In
