Second, all three individuals, especially Keynes, stressed that tax cuts are applicable to all additional expenditure made, not in substitution for other expenditure, but out of savings or borrowings. L.88272), also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. 136. 711(C): Estate and Gift Tax (1), 196167; Stanley S. Surrey to Henry H. Fowler, 24 January 1963, HSC, HLSL, SSSP, Box 84, File No. 5 Per Cent Tax Deduction, Washington Post, 14 February 1963. Instructions The applicable percentages correspond to tax rates of 186%, 300%, 567%, and 1900%, respectively, on the price of the drug . 19. more aware of and willing to protest inequalities between the sexes. Joseph F. McCaffrey to Walter W. Heller, 23 January 1963, JFKL, WWHPP, Box 22, File: Tax 1/16/631/31/63; Meet the Press: Americas Press Conference of the Air, vol. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
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Please give the pros and cons of the Reduction Tax Act if 1964. The New York Times in August 1962 stated, Without a clear and present dangeras the President expressed itthe Administration felt that it could not excite Congress into emergency action. 128. Dillon wrote: Even though it included a loss of revenue and a substantial budget deficit, provided it was understood that this was geared to an effort to improve the overall state of the economy . (Log in options will check for institutional or personal access. Nevertheless, just after the approval, US Steel, the biggest steelmaker, and five other major companies, including Bethlehem Steel, issued a declaration to raise prices. 66. 0000001302 00000 n
Keep the Income Tax but Make It Fair, U.S. News & World Report, 27 July 1956; Louis Cassels, This Man Shapes Your Tax Bill, Nations Business, March 1956. For Surreys background, see, for example, Mirit Eyal-Cohen, Preventive Tax Policy: Chief Justice Roger J. Traynors Tax Philosophy, Hastings Law Journal 59 (March 2008); Griswold, Erwin N., A True Public Servant, Harvard Law Review 98, no. [13], The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. ,7wsag4rHl\|+SRn^~76g=` 60iagHd0+@u $ )))!)!oea`fga^2K@y? [Voi.112:857. At first, when Keynes referred to the possibility of tax cuts in The Means to Prosperity in 1933, the world was in the midst of the Great Depression. . l,HdPVK$i$wnwKP^d,/~z jWw0wU~.=NkI17ZD2[QBS8**ll{9lHv%Sh;A!8h6_,Hbruq/zs ^'NhEJxUb!6qq~+1{d:dH []} !Nm7lWC];H|0 Lower tax income can prevent police officers, firefighters, public-school teachers, park maintenance crews and a host of other government employees from increasing their personal income as government salaries increase more slowly, freeze or even decrease. 119. 5 Per Cent Tax Deduction, Washington Post, 14 February 1963. Cons of the 1964 Civil Rights Act When faced with pointing out the cons of the 1964 Civil Rights Act, one may feel there aren't many if any. Martin, Isaac W., The Permanent Tax Revolt: How the Property Tax Transformed American Politics (Stanford, 2007).Google Scholar, 8. Inflation Reduction Act: What Savings Are Instant Rebates vs. Tax Credits. the1960's. (2) The Goldwater proposal would seal in a tax cut for future years when the economic situation facing the country may require retrenchment. It will also . . See, for example, Harvey E. Brazer, 68, Professor of Economics, New York Times, 18 May 1991; Faculty History Project of University of Michigan, http://um2017.org/faculty-history/faculty/harvey-e-brazer. <> Taxing Ourselves: A Citizens Guide to the Debate over Taxes. 263: Tax Administration Conference; Henry S. Bloch to Stanley S. Surrey, Preparatory Meeting for the Conference on Tax Administration in Under-developed Countries, 8 February 1957, HSC, HLSL, SSSP, Box 35, File No. The Civil Rights Act of 1964 was passed on July 2, 1964 and was signed into law by President Johnson. It seems that Keynes drew his tax ideas from the development of the British income tax system. \textbf{Purchase Date} & & \textbf{Quantity} & \textbf{Unit Cost} & \textbf{Total Cost}\\ endstream 42. Dillon Defends Curbs on Deductions as Allowing Across-Board Tax Cuts, Wall Street Journal, 7 February 1963. Wall Street Takes a Dim View, Business Week, 5 May 1962. 45. See Keynes, John M., The Means to Prosperity (Oxford, 2011)Google Scholar; Lerner, Abba P., The Economics of Control: Principles of Welfare Economics (New York, 1947)Google Scholar; Hansen, Alvin H., Economic Policy and Full Employment (New York, 1947), 13744.Google Scholar, 20. 78. Schlesinger, Jr., A Thousand Days, 638; Walter W. Heller to John F. Kennedy, The Price Situation in General (and Steel Prices in Particular), 2 August 1961, JFKL, WWHPP, Box 5, File: Memo to JFK 8/61; Walter Heller to John F. Kennedy, The Price Situation in General (and Steel Prices in Particular), 2 August 1961, JFKL, WWHPP, Box 5, File: Memo to JFK 8/61. origin by employers awarded government contracts and required them to take affirmative . [11] Johnson signed the bill into law on February 26, 1964. Please give a brief but specific answer to the following question. 0000001210 00000 n
After Johnson agreed to decrease the total federal budget to under $100 billion, powerful conservative Senator Harry F. Byrd dropped his opposition to a tax cut, clearing the way for its passage as the Revenue Act of 1964. The child tax credit (CTC) is doubled from a current-law level of $1,000 to $2,000 per child. Individual tax rate reductions would take place over a three-year period: the rate schedule would range from 18.5% to 84.5% and the withholding rate would be reduced from 18% to 15.5% in calendar 1963; the cutting rate schedule would range from 15.5% to 71.5% with the withholding rate reduced to 13.5% in calendar 1964; and permanent rate cuts would range from 14% to 65% in calendar 1965. [12] Passage of the long-stalled tax cut facilitated efforts to move ahead on the Civil Rights Act of 1964. The normal rate of 30%, applicable to the first $25,000 of taxable corporate income, would drop to 22%, while the surtax rate would rise to 30% in 1963. endobj And now its happening for the third time, and its about time. See Remarks on Signing the Economic Growth and Tax Relief Reconciliation Act of 2001, The American Presidency Project, The Public Papers of the Presidents, 7 June 2001, http://www.presidency.ucsb.edu/ws/index.php?pid=45820&st=&st1=. 72. (Cambridge, Mass., 2008)Google Scholar; Steuerle, Eugene C., Contemporary U.S. Tax Policy, 2nd ed. mystery thriller novels free download divergence example anath ashram girl for marriage in gujarat. xref endobj Robert Solow to Walter W. Heller, Kermit Gordon and James Tobin, Tax Reform in 1962, 24 April 1961, JFKL, WWHPP, Box 22, File: Tax Cut 4/6111/61. 0000005319 00000 n
After more than 30 years of no serious change to the American tax code, Congress passed the Tax Cuts and Jobs Act on December 22, 2017. 43. His initial plan called for a $13.5 billion tax cut through a reduction of the top income tax rate from 91% to 65%, reduction of the bottom rate from 20% to 14%, and a reduction in the corporate tax rate from 52% to 47%. Wallace regarded Goldwaters tax-cut program as irresponsible for the following reasons: (1) The idea that a potential increase in revenues could possibly achieve all that was expected by Goldwater was patently absurd. 0000007824 00000 n
With President Joe Biden signing the Inflation Reduction Act into law on Aug. 16, it marks one of the biggest spending packages in American history at $750 billion, per CNN. Lerner continued as follows: Increased taxes on the rich, offset by decreased taxes on the poor or by greater bonuses to the poor, will increase total demand without unbalancing the budget. See Lerner, The Economics of Control, 31920. Immediately prior to this sale, BassTracks perpetual inventory records for Ace-5 reels included the following cost layers: PurchaseDateQuantityUnitCostTotalCostDec. Total loading time: 0 Sen. 7. Henry H. Fowler to Russell B. Southern, white police used attack dogs, clubs, fire hoses, and tear gas against protestors. W. Elliot Brownlee, Tax Regimes, National Crisis, and State-building in America, in Funding the Modern American State, ed. Spreading throughout the Southwest in 1968 was a. wave of strikes, called 12,2010600$29$17,400Jan.9,20119003228,800Totalonhand1,500$46,200\begin{array}{|cc} 106 29 100. Reagan, Ronald, Taxes, October 18, 1977, in Reagan, In His Own Hand, ed. Compounding Tax Inequity, St. Louis Post, 28 January 1963. (New York, 1979)Google Scholar; Stein, Herbert, The Fiscal Revolution in America (Chicago, 1969)Google Scholar; Flash, Edward S. Jr., Economic Advice and Presidential Leadership: The Council of Economic Advisers (New York, 1965).Google Scholar. The five tax cuts of George W. Bush mainly included a reduction of individual income tax rates, temporary estate tax cuts, accelerated depreciation, the exclusion of dividend income, cuts in capital gain taxes, and increases in corporate tax breaks. 1, 910. Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1951 (Washington, D.C., 1952), 4452; Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1950 (Washington, D.C., 1951), 3442. 5376, is designed to reduce the deficit and lower inflation while investing in domestic energy production and lowering healthcare drug costs. The basis for the act is Congress's taxing and spending power as stated in the U.S. Constitution, article I, section 8, which authorizes the legislature to provide for the general welfare. Pros: 1. The stimulative effect of tax reduction will boost demand and heighten the incentive for investment and risk-taking. As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. At a Harlem rally, he was murdered by three [6] Kennedy believed that the tax cut would stimulate consumer demand, which in turn would lead to higher economic growth, lower unemployment, and increased federal revenues. This is a blind report. 55. (RE97L34#y Qh The Council Economic Advisers, Proposals for Tax Reduction, 5 June 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. xVN@}G5^m)D \p)@PZ$kBg=;4qN8`Q8@cpW5NX?p}sohMm4x&B ?X/.~ll7>>;s> qmuWCmy0{&1M*p6$=3l=9M\y":x59mZxL.7=k94B &H}WB"
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98. 1944: Dividend Credit Exclusion, 196364. (3) It would give too large a proportion of the tax cuts to corporations (46% of the total tax cut) and upper-income individuals (54% of the cut to individuals with less than $10,000). 8363 Reducing the Percentage Inclusion and Alternative Rate on Net Long-Term Capital Gain, 16 January 1964, HSC, HLSL, SSSP, Box 53, File No. Walter W. Heller to John F. Kennedy, 29 June 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62; Walter W. Heller to John F. Kennedy, Report from Scattered Sectors: Economic and Tax Front, 20 July 1961, JFKL, WWHPP, Box 22, File: Tax Cut 4/6111/61. 107. Indeed, he remembered his grade as C, or so at least he liked to tell his economists in later years (Arthur M. Schlesinger Jr., A Thousand Days, 621). 38. As for their backgrounds, see, for example, Walter Heller, 71, Economic Adviser in 60s, Dead, New York Times, 17 June 1987; Tobins curriculum vitae (http://cowles.econ.yale.edu/faculty/vita/cv_tobin.pdf); Finding Aid of Kermit Gordon Personal Papers, http://www.jfklibrary.org/Asset-Viewer/Archives/KGPP.aspx?f=1. open jobs to Afro-Americans by. 67. %PDF-1.6
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. 101. Gerhard Colm to Walter W. Heller, 11 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. action to ensure equal opportunity, required states to set and enforce water quality standards, In February 1960, massive direct action for civil rights began when four African- Keynes described his desire to take advantage of the opportunity of war finance to effect a considerable redistribution of incomes in the direction of greater equality., 24. This is a blind mail. After JFK's assassination, debate continued over how to assess his domestic record, which included initiatives on. As to the outline of the Nixon administrations proposal, see The Treasury Department, Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1969 (Washington, D.C., 1970), 2633. Published online by Cambridge University Press: The act also reduced the corporate tax from 52 percent to 48 percent and created a minimum standard deduction. The new bill would also impose an excise tax equal to 1% of fair market value for stock buybacks by companies and executives. Economic Indicators, February 1961, 1; Economic Indicators, February 1963, 2. Focusing on the political economy, Martin Daunton examined the detailed process of its development. -It contributed in a small way to the greatest economic boom since WW II. resistance. Hostname: page-component-7f44ffd566-qwds2 Biven, Carl W., Jimmy Carters Economy: Policy in an Age of Limits (Chapel Hill, 2002).Google Scholar. --They distinguished themselves from the majority of the society with their clothing, work ethic, cultural life, and sexual behavior. Among other things, his students studied ways to distribute tax burdens equitably among income groups. of Treasury (Robert A. Wallace), Troika, SeptemberDecember 1962. I elaborate on Surreys responsibility and role inside the Treasury at the time he wrote this in the last section. Please give the pros and cons of the Reduction Tax Act if 1964. 109, pt. 1944: Dividend Credit Exclusion, 196364. Q?a>`Xn?D#GVEBl4Td-%q4{4\QavouTj&0U&UdRv(.l*^Pj0_>PPl=4\FY(#3g_&[oIEfR:ru`U@-^K%["1fVOq=:xw'9S[~Q|av}
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At the same time, both Kennedys and Johnsons administrations chose to attempt to reduce government expenditures, doubting the wisdom of stimulating the economy through a higher level of government spending. -It contributed in a small way to the greatest economic boom since WW II. (Washington, D.C., 2008)Google Scholar; Brownlee, W. Elliot, Federal Taxation in America: A Short History, 2nd ed. 46. Stanley S. Surrey to Wilbur D. Mills, Memorandum re General Tax Revision Activities of House Committee on Ways and Means, 19591961, 24 December 1958, HSC, HLSL, SSSP, Box 14, File No. 70. Both of these are generally positive developments. Hansen, Alvin H., Fiscal Policy and Business Cycles (New York, 1941), 12585, 289312.Google Scholar. The Democrats' so-called Inflation Reduction Act would impose a 15% corporate minimum tax and, according to a report from the Joint Committee on Taxation, hike taxes by $16.7 billion on Americans making less than $200,000 next year. 13. <>
Carbon Tax - Pros and Cons. 7 0 obj
13, 179089. The KennedyJohnson Tax Cut of 1964, the Defeat of https://doi.org/10.1017/S0898030617000379, Get access to the full version of this content by using one of the access options below. Further, opponents point out that all taxes have "distortionary" effects, affecting free-market decisions and perhaps reducing gross domestic product growth. The first attempt at passing the tax cuts was rejected by Congress in 1963. 83. 281: Ways and Means Committee, 195760. 14 0 obj
Lyndon B. Johnson: Radio and Television Remarks upon Signing the Tax Bill, 26 February 1964, ed. (J), Ahmadi, A.M. (J) (J), Verma, Jagdish Saran Punchhi, M.M., Yogeshwar Dayal Ray, G.N. Walter W. Heller to Lyndon B. Johnson, Economic Impact of the Tax Cut, 2 June 1964, JFKL, WWHPP, Box 23, File: Tax 6/63. 0000004571 00000 n
Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 Ace-5 reels, assuming that BassTrack uses: A manufacturing firm has three inventory control accounts. were arrested. - that criticized the sexist assumptions of dominant, American society. Wilbur D. Mills, Remarks before the American Institute of Certified Public Accountants, Washington, D.C., 16 October 1968, The Hendrix College Archives (HCA), Wilbur D. Mills Papers Collections (WDMPC), Box 644, File 3. This study became the basis of the Tax Reform Act of 1969. 94. Heller described this choice as having made the CEA members feel at a low point (Walter W. Heller, New Dimensions of Political Economy, 32). What actually happened Witte, The Politics and Development of the Federal Income Tax, 16672. Psychologists have found that the effects of subliminal stimuli tend to be ___________________. Many scholars have evaluated it as representative Keynesian tax policy; this article focuses on the effort of the Treasury Department, tax experts such as Stanley S. Surrey and Wilbur D. Mills, the chairman of House Committee on Ways and Means, to reform the federal income tax system comprehensivelymaking it simpler, fairer, and more equitableand their defeat by the 1964 tax cut. Seymour E. Harris, Where Is the Money Coming From? 8 October 1956, HSC, HLSL, SSSP, Box 14, File No. The act made illegal the segregation of blacks in public facilities; established a Fair Employment Practices Commission to lessen racial discrimination in employment, and protected some black 122. 81. Otto Eckstein, Richard Goode, Joseph Pechman, Carl Shoup, and Seymour Harris attended the meeting. Gerhard Peters and John T. Woolley, The American Presidency Project (http://www.presidency.ucsb.edu/ws/?pid=26084). --Cultural radicals, or "hippies" stressed personal rather then political and institutional change and rejected mainstream norms of the time. That is an attack on the responsible citizens of this country who license their dogs. 117. Warren Smith to Walter W. Heller, Financing of a Deficit Resulting from a Tax Cut, 7 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. The Right Remedy but Late and Little, Business Week, 26 January 1963. For the Shoup Mission and Surreys contribution to it, see The Political Economy of Transnational Tax Reform: The Shoup Mission to Japan in Historical Context, ed. Please give the meaning and significance of the Civil Rights Act of 1964. For individual income tax purposes, changes include a virtually doubled standard deduction, sharp limitations on itemized deductions, reduced income tax rates, and reforms to several other provisions. 51. From 1958, Surrey served with Shoup on a tax assistance mission to Venezuela. 1875: Campaign, 1964. In total, $430 billion will be put towards fighting climate change, reducing prescription and . Brownlee, W. Elliot (Washington, D. C., 1996), 40944.Google Scholar. 9 0 obj
Full-employment output is the notion of output assumed when an economy is at full employment. trailer 6. endobj [8] In January 1963, Kennedy presented Congress with a tax proposal that would reduce the top marginal tax rate from 91 percent to 65 percent, and lower the corporate tax rate from 52 percent to 47 percent; in total, the cut was projected to decrease income taxes by about $10 billion and corporate taxes by about $3.5 billion. In mid-August, the Inflation Reduction Act was signed into law committing $369 billion . American students at N. Carolina A&T College in Greensboro, North Carolina, Sat at a whites-only lunch counter are requested service. 120. 116. Stanley S. Surrey, The Relationship of Revenue Administration to Fiscal Policy with reference to Underdevelopment Countries, 15 November 1956, Historical Special Collection (HSC), Harvard Law School Library (HLSL), Stanley S. Surrey Papers (SSSP), Box 35, File No. It makes the biggest investment in America fight climate change and saves seniors from excessive prescription costs. Public Papers of the Presidents of the United States, John F. Kennedy: Containing the Public Messages, Speeches, and Statements of the President, January 20 to December 31, 1962, 47075. 60. Office of the White House Press Secretary, Presidential Statement #5 on Economic Issues, Further Tax Reduction, 27 October 1964, HSC, HLSL, SSSP, Box 53, File No. <<>> At this time, Mills clearly answered that he disagreed with the theory argued in the 1920s that the lower the tax rates the higher the business activity, and therefore the higher the income. He thought it was inconceivable that greater economic activity could never be achieved without more manpower, resources, and capital to generate increased economic activity. Some initiatives and costs are justified. 29. After the war, he received masters (1947) and doctoral degrees (1951) at Columbia University and taught economics at Rutgers (194748) and finance at Lehigh (194850) and Wayne State universities until 1957, when he joined the Michigan faculty as an associate professor. Bartlett, Bruce, The Benefit and the Burden: Tax ReformWhy We Need It and What It Will Take (New York, 2012)Google Scholar; Zelizer, Taxing America; Manley, John F., The Politics of Finance: The House Committee on Ways and Means (Boston, 1970)Google Scholar; Stein, Fiscal Revolution in America. 16. But not everything in the 730-page law is worth celebrating. They worked on raising the 0000005958 00000 n
35. See F. Shehab, Progressive Taxation: A Study in the Development of the Progressive Principle in the British Income Tax (Oxford, 1953). When Bush signed The Economic Growth and Tax Relief Reconciliation Act of 2001 on 7 June 2001, he stated, Across the board tax relief does not happen often in Washington, DC. Democrats have had trouble rallying support for the act from all party members in the Senate an evenly divided body where every vote counts. 1875: Campaign, 1964. Belden L. Daniels, Resolution on Tax Reduction, 8 April 1963, JFKL, WWHPP, Box 23, File: Tax 4/63. List of Cons of Fair Tax Act 1. Arthur M. Schlesinger Jr., A Thousand Days, 63133. The Inflation Reduction Act claims it would reduce the deficit by slightly more than 1% of GDP over a decade. He served the Treasury as a deputy assistant Secretary of the Treasury and director of the OTA under Kennedy from 1961 to 1963. endobj
48. 56. We use cookies to distinguish you from other users and to provide you with a better experience on our websites. 64. [9] Conservatives revolted at giving Kennedy a key legislative victory before the election of 1964 and blocked the bill in Congress. What are the main goals of the U.S. Constitution? -the emphasis was on self-help, with the government providing money and know-how so that the poor could reap the benefits of neighborhood day-care centers, consumer-education classes, legalaid services, and adult remedial-reading programs, set aside $9.1 million acres of national forest for protection, provided $1.3 billion for aid to elementary and 77. during the war on poverty, and the struggle for civil rights? Civil rights activists suffered many attacks from Southern, white After Kennedy took office, he convened Treasury consultants meetings regarding tax, monetary policy, debt, and government expenditure. 96. Steuerle, Contemporary U.S. Tax Policy, 3842. 281: Ways and Means Committee, 195760; Stanley S. Surrey to Frank Ikard, 15 January 1960, HSC, HLSL, SSSP, Box 39, File No. The course made no deep impression on him. The surtax rate would drop to 28% in 1964 and 25% in 1965. In a similar vein, the bill expands tax credits for clean vehiclesa fantastic solution for emissions reductionbut does not include provisions concerning public transportation, which is needed by many individuals and families that cannot afford an electric . In late 1958, in a memorandum for Mills, Surrey recommended that the CWM reexamine the income tax structure in 1959 and 1960, make the revision of the income tax base its most important subject, study whether broadening the tax base would permit a reduction of income tax rates for all brackets, and utilize outside experts, largely from universities, on a topic-by-topic basis. . Content may require purchase if you do not have access. <>
61. Office of the Secretary of the Treasury, Office of Tax Analysis, Answers to Specific Points Raised by Mr. G. Keith Funston, President of the New York Exchange, 11 March 1963, HSC, HLSL, SSSP, Box 81, File No. Keynes recommended tax cuts as temporary measures to promote economic recovery. endobj
endobj In theory, the tax will reduce pollution and encourage more environmentally friendly alternatives. A carbon tax aims to make individuals and firms pay the full social cost of carbon pollution. outflows of capital which complicate our balance of payments problem. Robert A. Wallace, Possible Compromise on Tax Package, 19 November 1962, JFKL, RDTMPO, Roll 40, Folder 2 of 2, File: Asst. 107-16), including the expansion of the 10-percent income tax bracket, the reduction in the individual marginal income tax rates, marriage penalty tax relief, and the increase in the child tax credit from $600 to $1,000. 1942: DeductionsGeneral, 196263. for this article. In addition, he was of the opinion that the tax system did not prevent opportunities for more equity capital for larger businesses. W. Elliot Brownlee, Eisaku Ide, and Yasunori Fukagai (New York, 2013). 0000007610 00000 n
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