Word: businessmen
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Dates: during 1950-1959
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Okinawa's majority Democratic Party took alarm. Its conservative businessmen leaders well knew that U.S. dollars were responsible for Okinawa's new schools and hospitals, even for the bright new concrete buildings and paved streets of Naha itself. Two days after election, 27 of Naha's 30 city councilors announced that they would "refuse to cooperate with a Communist mayor pledged to destroy all the progress Naha has made with the aid and good will of the U.S." Simultaneously, all 22 of the city department heads resigned "in protest against serving under ex-Convict Senaga." Moriyasu Tomihara...
...solve the problem, Congress revised a section of the law in 1954 to allow companies to take as much as 35% of their original cost during the first five years, spread the rest over the next 20 years. But even these improvements, say businessmen, are still far from adequate, since the revised section applies only to plants built after 1954, does not help businessmen replace old plants...
What is needed, businessmen say, is a completely new approach to depreciation. One suggestion is to base all depreciation allowances on replacement instead of original costs, thus counteract the effects of rising prices...
...expounded by Cleveland Electric Illuminating Co. Vice President Ralph M. Besse, depreciation rates would still be on the basis of original costs, but would vary according to changing dollar values; thus if rates, for example, were 3% annually and prices shot up 100%, the allowance would automatically double, and businessmen could recover 6% of their original cost in that year. "Even so," says Besse, "at the end of the depreciation period, we would not have recovered enough dollars to pay total replacement costs; but we would recover in each year the value lost in that year...
...compromise solution that both businessmen and Government tax lawyers are exploring is a more liberal depreciation rate, which would let any expanding company deduct up to 50% of the cost of any new asset in the first five years. While such a program might not satisfy heavy industries, it would at least ease some of the pressure of increasing obsolescence and spiraling inflation, though some critics argue that it would bring a temporary tax loss for the Government. After a study of tax write-offs, Virginia's Senator Harry F. Byrd, chairman of the Senate Finance Committee, says that...