The structural reform measures to tax rates suggested by Surrey were as follows: (1) reducing the rate in each bracket by 5 percentage points (decreasing revenue by $9.5 billion), (2) splitting the first $2,000 bracket into two brackets of $1,000 each and applying a 15% rate to the first bracket, and (3) reducing the rates for the other brackets by 3 percentage points (decreasing revenue by $7.4 billion), or by 2 percentage points (decreasing revenue by $6.2 billion). During August 1963, a quarter of a million Americans participated in the largest civil rights demonstration, which took place in, Please give a brief but specific answer to the following question. 95%, for sales during any subsequent day. 54. 106 29 63. <> 5 Per Cent Tax Deduction, Washington Post, 14 February 1963. Evidence shows that these goals were exceeded by large degree with the combination of tax cuts and domestic spending programs President Johnson advocated, such as Medicare. It will also . 59. 87. You can help Wikipedia by expanding it. The Inflation Reduction Act extends the Clean Vehicle Credit until the end of 2032 and creates new credits for previously-owned clean vehicles and qualified commercial clean vehicles. Dillon Defends Curbs on Deductions as Allowing Across-Board Tax Cuts, Wall Street Journal, 7 February 1963. 90. 5 0 obj endobj extended federal health benefits to welfare recipients (Medicaid), Banned discrimination on the basis of race, religion, and national The Civil Rights Act of 1964 was passed on July 2, 1964 and was signed into law by President Johnson. Inflation Reduction Act: What Savings Are Instant Rebates vs. Tax Credits. 1942: DeductionsGeneral, 196263. [13], The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. Total loading time: 0 45. This second major tax reform simplified our income taxes, and made them fairer, and it reduced by $14 billion the taxes that American consumers and businesses owe on their 1965 incomes. 17. Surrey served in his position until 1968. endobj 55. Please give the pros and cons of the Reduction Tax Act if 1964. \text {Dec. 12, 2010} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 600 & \$29 & \$17,400 \\ As for this series of hearings, see U.S. House of Representatives, Committee on Ways and Means, Tax Revision Compendium of Papers on Broadening the Tax Base, vols. Heller reputed that Hansen had achieved the Americanization of Keynes. See Heller, New Dimensions of Political Economy, 4. The applicable percentages correspond to tax rates of 186%, 300%, 567%, and 1900%, respectively, on the price of the drug . stream 83. 119. The proposal would accelerate provisions that were enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 46. The Treasury Department, Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1970 (Washington, D.C., 1971), 29. Keynes, John M., How to Pay for the War (London, 1940), 3451.Google Scholar. <>/ProcSet 132 0 R/XObject 111 0 R>> . The bill. mystery thriller novels free download divergence example anath ashram girl for marriage in gujarat. 113 0 obj H|Oo@HZ)r=>&H"!K4{ rD1`LY>)4H>C/QI;(:00eQY6Z 2P%;2. endobj 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. A carbon tax aims to make individuals and firms pay the full social cost of carbon pollution. --Programs like Medicare, Medicaid, and Aid to Families with Dependant Children helped millions. . 29. For 1965 and following years, corporations paid a rate of 48 percent. But not everything in the 730-page law is worth celebrating. 105. Arthur Okun to Walter W. Heller, Yesterdays Press Conference, 24 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. 2 0 obj Some initiatives and costs are justified. 91. Vincent P. Moravec to Kenneth ODonnell, 13 February 1963, JFKL, WWHPP, Box 22, File: Tax 2/13/632/27/63. Please give a brief but specific answer to the following question. Antifeminists achieved their greatest victory in blocking. 53. In addition, the Bush tax cuts included other measures, such as the expansion of child tax credit and the deduction of higher education. Civil rights activists suffered many attacks from Southern, white Please identify Lyndon Johnson before he became President in 1963. The attack should be on those who do not act responsibly. See Daunton, Martin J., Just Taxes: The Politics of Taxation in Britain, 19141979 (Cambridge, 2002)Google Scholar; Trusting Leviathan: The Politics of Taxation in Britain, 17991914 (Cambridge, 2001). 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. Richard Goode demonstrates the particular result and effect that the tax reform of 1964 had on the individual income tax system. The plan also included reforms designed to reduce the impact of itemized deductions, as well as provisions to help the elderly and handicapped. It is not obvious for whom Harris wrote this report. for this article. He mentioned price stability through monetary policy as a long-range purpose. L. 88-272 ), 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. 18. 0000000876 00000 n After JFK's assassination, debate continued over how to assess his domestic record, which included initiatives on. 281: Ways and Means Committee, 195760; Stanley S. Surrey to Lee Metcalf, 15 January 1960, HSC, HLSL, SSSP, Box 39, File No. Arthur M. Schlesinger Jr. to John F. Kennedy, Tax Cut, 17 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. There has been frequent reference to Kennedy having not mastered economic knowledge at all. Full-employment output is the notion of output assumed when an economy is at full employment. The growth rate of GNP in each quarter proceeded as follows: 1960 IV61I, -1%; 61I61II, 2%; 61II61III, 1.5%; 61III61IV, 2.8%; 61IV62I, 0.8%; 62I62II, 0.7%; 62II62III, 0.2%; and 62III62IV, 1.2%. For Release Sunday Morning Papers, 27 January 1963: Statement by the Board of Directors of the Chamber of Commerce of the United States, 26 January 1963, JFKL, WWHPP, Box 22, File: Tax 1/16/631/31/63. 26. _______ was triggered when students organizations were banned from a campus site at _____ where they had previously set up tables to gain Fatemi, N. et al., The Dollar Crisis: The United States Balance of Payments and Dollar Stability (Rutherford, N.J., 1963), 3839, 54.Google Scholar. Wealth redistribution: Taxes help in the redistribution of wealth by allowing high-income earners pay more taxes compared to low-income earners. W. Elliot Brownlee, Tax Regimes, National Crisis, and State-building in America, in Funding the Modern American State, 19411995: The Rise and Fall of the Era of Easy Finance, ed. 47. This is a blind mail. Committee: House Science: Related Items: Data will display when it becomes available. 10 0 obj [14][15] Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965.[14][16]. 6 0 obj 58. 104. outflows of capital which complicate our balance of payments problem. endobj 15. It makes the biggest investment in America fight climate change and saves seniors from excessive prescription costs. Brownlee, 194286. endobj the activists with protection. Zelizer cited this Millss argument from Transcript: Meet the Press, 11 June 1972, HCA, WDMPC, Box 397, File 3. Wilbur D. Mills, 195659. 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. 100. endobj Television brought the brutality of Southern resistance to the rest of the world in April 1963, when a campaign was launched in Birmingham, Alabama, to integrate public facilities and The most controversial and innovative part of the act, however, created a rent-supplement program. They worked on raising the And the extra taxes levied on corporations do not reflect increases in the corporate tax rate, but 1875: Campaign, 1964. 7 0 obj Brownlee, 37104. See Keep the Income Tax but Make It Fair, U.S. News & World Report, 27 July 1956. %PDF-1.5 89. 1875: Campaign, 1964. Heller described this choice as having made the CEA members feel at a low point (Walter W. Heller, New Dimensions of Political Economy, 32). 0000008232 00000 n 98. Kennedy proposed the bill on the advice of Keynesian economist Walter Heller, who believed that temporary deficit spending would boost economic growth. At Harvard, with the benefit of hindsight, he sought to link tax reform to the concept of tax expenditure in order to consider the criteria for choosing between tax incentives and direct expenditure. --Poverty levels dropped 9% during the "war" from 22%to 13%. Democrats have had trouble rallying support for the act from all party members in the Senate an evenly divided body where every vote counts. If your ITC is $5,000, but only owe Uncle Sam $2,000 in federal taxes, then the remaining $3,000 credit will be applied to future years. 481: Capital Gains, 196168. Phased-in increase in personal exemption amount from $600 to $750. 77. Witte, The Politics and Development of the Federal Income Tax, 16672. The corporate tax rates also experienced a reduction. Otto Eckstein, Richard Goode, Joseph Pechman, Carl Shoup, and Seymour Harris attended the meeting. more aware of and willing to protest inequalities between the sexes. The Inflation Reduction Act of 2022, H.R. Arthur Okun to Robert Solow and Joseph Pechman, Tax Meeting of November 24, 25 November 1961, JFKL, WWHPP, Box 22, File: Tax Cut 4/6111/61. [Voi.112:857. 129. 13. Pros And Cons Of The Reagan Era . 0000000016 00000 n 110. This reform included not only the reduction of the individual income tax rate scale from 22.292% to 2091%, but also reform measures designed to narrow the tax base. The withholding rate was cut to 14% in 1964. 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 . On January 15, 2011, BassTrack sold 1,000 Ace-5 fishing reels to Anglers Warehouse. between WW II and the 1960's made women. <> But not everything in the 730-page law is worth celebrating. 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. Steuerle, Contemporary U.S. Tax Policy, 3842. in tax law. Immediately prior to this sale, BassTracks perpetual inventory records for Ace-5 reels included the following cost layers: PurchaseDateQuantityUnitCostTotalCostDec. In fact, since World War II, it has happened only twice: President Kennedys tax cut in the sixties and President Reagans tax cuts in the 1980s. The act became law on February 26, 1964. Betty Friedan, author of the best-selling and highly critical "The Feminine Mystique," and other activists founded _________ in 1966. -Critics of the tax cut questioned its economic impact, arguing that the economic surge was already underway, stimulated by defense spending, new technology, and cheap oil. 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, 457. 126. 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. RATES The most significant achievement of the 1964 Act is rate reduc-tion. 22. endstream The cap would save roughly 1 million seniors about $1,000 each year. 0000003272 00000 n 1 0 obj William Andrews, who was the Eli Goldston Professor of Law at Harvard Law School, described in retrospect the following: This unity [of Surreys thought and action] resulted partly from the single-mindedness of Stanleys concern for a fair, progressive tax system; wherever he was working and whatever he was doing, he was bound to be continuing the crusade for that objective. See Andrews, William D., A Source of Inspiration, Harvard Law Review 98, no. Paul A. Samuelson and Robert M. Solow to John F. Kennedy, The Final Decision August Look at the Case for an Immediate Tax Cut, 10 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. 5 (10 February 1963), JFKL, WWHPP, Box 22, File: Tax 2/1/632/12/63; If Taxes Are Cutthe Chances of a Boom, U.S. News & World Report, 11 February 1963. <> 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. 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. 12,2010600$29$17,400Jan.9,20119003228,800Totalonhand1,500$46,200\begin{array}{|cc} The students claimed the right to freedom of expression and nk-YE3iX65VOP+yljxmq#\.rEk W^[eKxP'{dn-.>; NP]=5/3kiR[aD)QXf. En*GtH#fa(a."=kwk$3I,' 112. The Revenue Act of 1964, with its large tax reduction at a time when the budget was in deficit; marked a watershed in tax policy history. The act was initially blocked by conservatives like Senator Harry F. Byrd, but Lyndon Johnson was able to guide it through Congress after the assassination of Kennedy in November 1963. Belden L. Daniels, Resolution on Tax Reduction, 8 April 1963, JFKL, WWHPP, Box 23, File: Tax 4/63. xref See Steuerle, Financing the American State at the Turn of the Century., 137. I surmise Daniels wrote it to Heller, considering the title of this material and the fact that I found it in a file from a collection of Hellers personal papers. 93. 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. 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. 42. W. Elliot Brownlee, Eisaku Ide, and Yasunori Fukagai (New York, 2013). 11 0 obj The conservative American slogan has been "We fought a war on poverty, and poverty won." family income was still only 61% of white family income. 96. \textbf{Purchase Date} & & \textbf{Quantity} & \textbf{Unit Cost} & \textbf{Total Cost}\\ Increased minimum standard deduction from $300 plus $100 per capita (total maximum $1,000) to $1,000. The concept of full-employment budget surplus means the difference between the balance of the actual budget and of the full-employment budget, which is the notion assumed when an economy is at full employment. --University of California, Berkley, Please give a brief but specific answer to the following question. Long, 28 January 1963, HSC, HLSL, SSSP, Box 84, File No. 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. endobj 130. 3 0 obj 86. C. Eugene Steuerle, Contemporary U.S. Tax Policy; W. Elliot Brownlee, Federal Taxation in America; Zelizer, Julian E., Taxing America: Wilbur D. Mills, Congress, and the State, 19451975 (New York, 1998)Google Scholar; Iwan W. Morgan, Deficit Government: Taxing and Spending in Modern America (Chicago, 1995); King, Ronald F., Money, Time, and Politics: Investment Tax Subsidies and American Democracy (New Haven, 1993)Google Scholar; Martin, Cathie Jo, Shifting the Burden: The Struggle over Growth and Corporate Taxation (Chicago, 1991)Google Scholar; Witte, The Politics and Development of the Federal Income Tax; Brownlee, W. Elliot, Dynamics of Ascent: A History of the American Economy, 2nd ed. 33. Levin, Martin A., Landy, Marc K., and Shapiro, Martin (Washington D.C., 2001)Google Scholar; Stein, Herbert, The Fiscal Revolution in America (Chicago, 1969).Google Scholar, 4. 82. 0000005958 00000 n We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Harris worked as one of the economic advisers to Kennedy in the presidential campaign in 1960. Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1948 (Washington, D.C., 1948), 5053; Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1946 (Washington, D.C., 1947), 8993. 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. 8363 Reducing the Percentage Inclusion and Alternative Rate on Net Long-Term Capital Gain, 16 January 1964, HSC, HLSL, SSSP, Box 53, File No. 281: Ways and Means Committee, 195760. 263: Tax Administration Conference. 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. 113. If fiscal policy is used as a deliberate instrument for the more equal distribution of incomes, its effect in increasing the propensity to consume is, of course, all the greater. He continued: Assuming that the State applies the proceeds of these duties to its ordinary outgoings so that taxes on incomes and consumption are correspondingly reduced or avoided, it is, of course, true that a fiscal policy of heavy death duties has the effect of increasing the communitys propensity to consume. See Keynes, John M., The Collected Writings of John Maynard Keynes, Volume 7: The General Theory of Employment, Interest and Money (Cambridge, 1973), 9495, 37273.Google Scholar. 32. consciousness of individual women and on protestslike demonstrating against the Miss America pageant- . 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. What actually happened 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. 0000007930 00000 n J. Sinclair Armstrong to Stanley S. Surrey, 24 April 1963, HSC, HLSL, SSSP, Box 92, File No. 405: Hon. sexy girls breasts "useRatesEcommerce": false In addition, Hansen and Lerner argued that controlling individual income tax rates could have useful short-term purposes, such as economic recovery and restraint of inflation. 109, pt. Lerner is generally reputed as one of old fiscal policy scholars who were influenced by Hansen. Goldwaters Tax Cuts, Washington Post, 14 September 1964; Robert A. Wallace to Myer Feldman, Goldwater Tax Proposal, 8 September 1964, HSC, HLSL, SSSP, Box 53, File No. 88. secondary schools, provided health insurance (Medicare) for all citizens 65 and older, and Content may require purchase if you do not have access. Frazer Wilde to Walter W. Heller, 11 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62; Frazer Wilde to Walter W. Heller, 27 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. 65. The administration regarded a rise in the price of steel would significantly influence the prices of other products and the economy as a whole and sent major steel companies letters to inform them they should not seek profits via price increases. American students at N. Carolina A&T College in Greensboro, North Carolina, Sat at a whites-only lunch counter are requested service. The amount you now owe in federal taxes has dropped to $0. Surrey, Eldridge, and Brazer from the Treasury, Robert Turner from the Bureau of Budget of the White House, and Arthur Okun from the CEA attended the meeting. 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. 107 0 obj Stein cited Millss Statement from U.S., Congress, House, Congressional Record, 88th Cong., 1st sess., 1963, vol. 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. Richard Musgrave, Fiscal Policy Outlook, 28 June 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. endobj 0 60. Inflation Reduction Act which is financed by prudent tax policy that will collect more from top-earners and large corporations. Patashnik, Eric M., Budgeting More, Deciding Less, in Seeking the Center: Politics and Policymaking at the New Century, ed. 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. 62. 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. In 1966, Heller wrote in retrospect: The $13 billion full-employment surplus in 1960 was an oppressive economic drag, a major force pulling us down into the recession of 196061. Walter W. Heller, New Dimensions of Political Economy, 67. Civil Rights Act of 1964 Voting Rights Act of 1965 Tax Reduction Act Higher Education Act Air Quality Act Water Quality Act Omnibus Housing Act Economic Opportunity Act Warren Court The Great Society After the Assassination. Tax Policies for Economic Growth, 17 December 1959, NACP, RG 56, OTPSF, Box 68, File Folder 56: Suggestions for TAX REFORM Submitted to Treasury for Comment, 1959. 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. Public Papers of the President of the United States, Lyndon B. Johnson, 19631964, bk. Congressional Budget Office, The Distribution of Major Tax Expenditures in the Individual Income Tax System, http://www.cbo.gov/sites/default/files/cbofiles/attachments/43768_DistributionTaxExpenditures.pdf, 2013. For decades, the fossil fuel industry's stranglehold on US politics kept action at bay. Taxing Ourselves: A Citizens Guide to the Debate over Taxes. Both of these are generally positive developments. The key one is corporate and international taxes. See Brownlee, ed., The Political Economy of Transnational Tax Reform, 43138. Note: We present this problem in the normal sequence of the accounting cycle-that is, journal entries before ledger entries. the1960's. Lee Preston to Walter W. Heller, Dillon Testimony before Ways and Means Committee, 7 August 1962, JFKL, WWHPP, Box 22, File: Tax Cut 8/62. 118. It's Tax Time The federal government says you owe $5,000 in taxes. Pros: 1. [10], Lyndon B. Johnson succeeded Kennedy as president after the latter was assassinated in November 1963. List of Cons of Fair Tax Act 1. What are the main goals of the U.S. Constitution? Please give the meaning and significance of the Civil Rights Act of 1964. At a Harlem rally, he was murdered by three 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. Imposing a 15% corporate minimum tax rate for companies with higher than $1 billion annual revenue - $313 billion Prescription drug price reform to lower prices, including Medicare negotiation of drug prices - $288 billion Increased tax enforcement - $124 billion Imposing a 1% excise tax on stock buybacks - $73 billion 99. <>stream 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. In 1964, President Lyndon B. Johnson, the successor of John F. Kennedy, signed into law the largest tax cut in U.S. history until 1981, the so-called KennedyJohnson tax cut. 31. 106 0 obj It includes instituting a minimum corporate tax of 15% for any organization that nets $1 billion-plus in income, or revenue of $300 billion. The Inflation Reduction Act earns revenue through a few tax pathways. (Log in options will check for institutional or personal access. 0000001863 00000 n a. Meanwhile, Keynes described that the passage of recovery measures and social reforms were long overdue. 0000007610 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. He disagreed with the argument that a mere reduction in rates of taxation would generate these economic aspects. The author calculated the growth rate on the basis of these sources. 0000001324 00000 n 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. 136. The new larger credit begins to phase out for married filers with incomes of more than $400,000 an. 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