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COMMITTEE ON THE BUDGET

ROBERT N. GIAIMO, Connecticut, Chairman JIM WRIGHT, Texas

DELBERT L. LATTA, Ohio THOMAS L. ASHLEY, Ohio

JAMES T. BROYHILL, North Carolina ROBERT L. LEGGETT, California

BARBER B. CONABLE, JR., New York PARREN J. MITCHELL, Maryland

MARJORIE S. HOLT, Maryland OMAR BURLESON, Texas

JOHN H. ROUSSELOT, California LOUIS STOKES, Ohio

JOHN J. DUNCAN, Tennessee
ELIZABETH HOLTZMAN, New York CLAIR W. BURGENER, California
BUTLER DERRICK, South Carolina

RALPH S. REGULA, Ohio
OTIS G. PIKE, New York
DONALD M. FRASER, Minnesota
DAVID R. OBEY, Wisconsin
WILLIAM LEHMAN, Florida
PAUL SIMON, Illinois
JOSEPH L. FISHER, Virginia
NORMAN Y. MINETA, California
JIM MATTOX, Texas

GEORGE GROSS, Executive Director
BRUCE MEREDITH, Assistant Director, Budget Priorities
NANCY TEETERS, A88istant Director, Economic Analysis

WENDELL BELEW, Chief Counsel
WILLIAM LILLEY III, Minority Staf Director

TASK FORCE ON DISTRIBUTIVE IMPACTS OF BUDGET AND ECONOMIC POLICIES

DONALD M. FRASER, Minnesota, Chairman
THOMAS L. ASHLEY, Ohio

JOHN H. ROUSSELOT, California
BUTLER DERRICK, South Carolina
OTIS G. PIKE, New York
PARREN J. MITCHELL, Maryland

BRUCE MEREDITH, Assistant Director, Budget Priorities
NANCY TEETERS, Assistant Director, Economic Analysis

JEROME SEGAL, Administrator
NICHOLAS A. MASTERS, Director, Majority A88ociate Staff

(11)

CONTENTS

Page

1
45

65

151

1

148

12
45
7

Hearings held on-

September 26, 1977.

September 29, 1977
Statement of

-
Duncan, Dr. Joseph, Deputy Associate Director, Office of Management

and Budget-
McClung, Nelson, Assistant Director, Office of Tax Analysis, Depart-

ment of the Treasury -
Morgan, James N., professor, Institute for Social Research, University

of Michigan.
Natrella, Vito, Director, Statistics Division, Internal Revenue

Service-
Projector, Dorothy S., Director, Division of Economics and Long-

Range Research, Social Security. Administration --
Ruggles, Richard, department of economics, Yale University --

Smith, James, professor of economics, Pennsylvania State University --

Additional information submitted for the record by-

Carlson, Dr. Jack, prepared statement submitted on behalf of the U.S.

Chamber of Commerce, with attachments -

Attachments 1-4:

Table 1.- Estimated Characteristics of the Direct Beneficiary

of Program Expenditures..

Table 2.-Fiscal Year 1969 Federal Budget Expenditures by

Federal Regions with Economic and Population Information

Table 3.-Selected Locational Characteristics of Federal

Budgetary Expenditures---

Table 5.—Tax Expenditures -

Duncan, Dr. Joseph:

Paper submitted, entitled: "Income, Wealth, and Consumption”.

Prepared statement.-

Statement entitled: "Confidentiality Statistics and Research

Data"

Franklin, Stephen D., and James D. Smith, prepared statement.---
Morgan, James N.:

Alternative Designs for Studies on the Distribution of Housing

Wealth (article)

Prepared statement..

Projector, Dorothy S.:

Prepared statement.

“Social Security, Saving, and Capital Formation,” article written

by Selig D. Lesnoy and John C. Hambor.-

Ruggles, Richard:

Prepared statement -

Tables submitted for the record:

Table 1A.- Assets and Liabilities of Households.

Table 1B.-Assets and Liabilities of the Top 1 Percent of

Wealth Holders.--

Table 2A.- Assets and Liabilities of Households

Table 2B.-Assets and Liabilities of the top 1 percent of

Wealth Holders.---

67

173

41

5

1637323

Page

64 173

166

Additional information submitted for the record by-Continued

Table 3.–Balance Sheet for Households, Personal Trusts,

and Nonprofit Organizations, 1959–69---Smith, James D., and Stephen D. Franklin, prepared statementU.S. Chamber of Commerce, prepared statement submitted on its behalf by Dr. Jack Carlson Attachments 1-4 in prepared statement:

Table 1.- Estimated Characteristics of the Direct Beneficiary

of Program Expenditures..
Table 2.-Fiscal Year 1969 Federal Budget Expenditures

by Federal Regions With Economic and Population

Information.--.
Table 3.- Selected Locational Characteristics of Federal

Budgetary Expenditures---
Table 5.—Tax Expenditures

168

169

170 171

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