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FIRST TRUST & SAVINGS BANK of ALBANY, ILLINOIS E. DON. H A N S O N . PRESIDENT H A R O L D R. OLSEN.'VICE PRESIDENT AND CASHIER LILLIAN M. STRAT1NG. ASST CASHIER February 13, 1951 Hon* Marriner 3 . Secies Member Federal Reserve Board Washingtonr D . C . Dear Mr. Bccles: About 99.44$ of the people in this conmmilty appreciate your open stand for the enactment of tax equality legislation and please be assured that you hare the whole-hearted support. No business should be permitted torntik*taxfree profit. I urge you to JOLLY tax the untaxed, now, by repealing the pertinent paragraphs of the Internal Revenue Law by which co-ops and many nutuals escape income taxes, and by declaring the income of these business concerns to be taxable income at the ccorporate level before distribution in any manner* February 19, 1951* Mr. E . Don. Hanson, First Trust & Savings Bank of Albany, Illinois. Dear Mr. Hansom Thank you for your letter of February 13, expressing your approval of ny ideas regarding tax equality legislation. I always appreciate having the reactions of others, whether of. approval or criticism, to my public utterances. I am taking the liberty of enclosing a copy of the complete text of my statement of January 25 before the Joint Committee on the Economic Report in its hearings on the President's Economic Program, and a reprint of an article I wrote last September for the November issue of Fortune Magazine entitled, "The Defense of the Dollar". You may find these of interest as I mention in both of these statements the taxing of cooperatives. Sincerely yours, M . S . Eccles. Enclosures. VEidls
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