Word: bill
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Dates: during 1960-1969
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Among the key provisions of the proposed tax bill...
Some tax breaks for businesses were also modified. The bill calls for a repeal of the 7% business investment tax credit, a reduction from 27½% to 22% of the oil depletion allowance, and increased taxes on high-bracket capital gains. The bill puts a 4% tax on the investment income of foundations-a compromise between a stiff House bill and a nominal Senate measure...
House Ways and Means Committee Chairman Wilbur Mills said that the bill would produce an additional $6.4 billion in 1970, then drop to a negligible $288 million in 1971. By 1972, the government will be receiving $1.7 billion less than present revenues, and the loss will grow to $3.7 billion...
...finally worked out, the bill was far more sober than the free-spending "Christmas tree" measure conjured up by the Senate, with its $800 personal tax exemption. While it is more inflationary than President Nixon would like, the bill does postpone most of the giveaway provisions for two years, the period that Nixon considers crucial in the fight against inflation. Nixon is thus expected to accept the compromise...
...more to Soviet arms spending than appears in the budget. Funds for H-bombs and advanced weapons like multiple-warhead missiles are customarily tucked into budgets for "medium industry" and "scientific research." Additional allocations may well not be listed at all. Western analysts reckon that the true Soviet defense bill will come to about $60 billion in U.S. terms, or just about what the Pentagon spends now, excluding Viet Nam costs. Some speculate that, because of tension with China, the Soviets are, in fact, nudging ahead of the U.S. in defense spending as American outlays decline. In any case, judging...