The CHAIRMAN. That completes the calendar for today and without objection, the committee adjourns until ten o'clock, Wednesday morning. Mr. BETTS. Mr. Chairman, the American Bar Association, Section of Taxation, in August 1960 appointed a special committee on extension of withholding taxes. The special committee was established to report on the matter of tax withholding and the possible extension of withholding procedures to dividend and interest payments. The work of the special committee has been largely completed but of course the committee report cannot be made publicly available until such time as it has been approved by the section of taxation and the House of Delegates of the American Bar Association. However, two statistical exhibits developed in connection with this bar committee study are of such significance and importance that I believe they should be publicly available now while the Congress is considering the President's recommendations for dividend and interest withholding. These documents are designated as exhibits 1 and 2 and show the circumstances under which overwithholding would result with respect to dividend and interest income under the assumptions stated in the exhibits. Mr. Chairman, because of the importance of this material, I ask unanimous consent that it be placed in the printed record of these hearings at the point where consideration is given to the subject of withholding and that these introductory remarks be included prior to the exhibits. (The exhibits follow :) EXHIBIT 1 Withholding of tax at 20 percent on dividends and interest-Analysis of points at which there will be an overwithholding of tax under various stated assumptions [All computations assume the standard deduction and do not include the retirement income credit] Withholding of tax at 20 percent on dividends and interest-Analysis of points at which there will be an overwithholding of tax under various stated assumptions-Continued [All computations assume the standard deduction and do not include the retirement income credit] Withholding of tax at 20 percent on dividends and interest—Analysis of points at which there will be an overwithholding of tax under various stated assump tions-Continued [All computations assume the standard deduction and do not include the retirement income credit] |