Word: credited
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Dates: during 1960-1969
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...Consumer Credit Training...
...rich tax avoiders more and to excuse the very poor, students and summer-job holders from paying any federal income taxes at all. In two surprise proposals, the President asked that the 1968 income tax surcharge be cut from 10% to 5% next January and that the 7% tax credit now allowed businessmen who invest in new productive capacity be repealed. That amounts to a sophisticated redistribution of tax burdens, with business losing and consumers gaining. Recognizing that taxation is a powerful instrument for setting and reaching national goals, the President pledged that the next step would be a "start...
Balanced Impact. Despite considerable grumbling among businessmen, repeal of the 7% investment tax credit seems almost sure to win congressional approval. Once a supporter of the tax credit, Nixon changed his mind last month after surveys showed that corporate spending on new plant and equipment was heading for an inflationary 14% gain this year. Its immediate repeal is intended to make a slowdown in actual corporate spending mesh with the time next year when a lowered tax surcharge would give consumers more pocket money...
Without question, repeal of the tax credit will crimp the profits of companies in capital-intensive industries. On Wall Street, which generally shrugged off the tax announcement, that prospect depressed stock prices among construction firms, computer-leasing companies, steelmakers and airlines which are in the midst of a costly modernization program. Some small and medium-sized firms may well choose to curtail their factory expansion. At General Motors, the tax credit amounted to $39 million last year, or nearly 4% of its profits. But G.M. does not plan to cut back on its $1.1 billion spending program (up 28% from...
...medicine that the Government has prescribed, the nation's economy has not yet begun to shake its inflationary fever. Businessmen have a hearty appetite for expansion-and it is not likely to be spoiled by President Nixon's plans to drop the investment tax credit. The stock market remains steady despite such worries as the war, the balance of payments and the prospects of a pinch on profits. While complaining about high prices, the consumer keeps on buying...