Word: cuts
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Dates: during 1960-1969
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Considering the Administration's determination to make federal spending match federal income, it was hardly surprising that Treasury Secretary David Kennedy asked the Senate to cut in half the $2.4-billion-a-year revenue loss foreseen in the House measure. Despite the rebellious mood of the nation's taxpayers, Secretary Kennedy recommended somewhat less relief for low-and middle-income individuals and families. In the most unexpected move of all, he asked that corporate income tax rates be reduced by 2 percentage points rather than increased or held at the current 52.8%. Nor would Kennedy move nearly...
...Administration's aim, Secretary Kennedy explained to a mostly hostile committee, is to counter the House bill's "bias against investment in favor of consumption." That favoritism, he complained, "could impede economic growth by curtailing the incentive to make productive investments." Accordingly, said Kennedy, Congress should cut taxes on individuals by only $4.8 billion a year instead of $7.3 billion, and the total corporate tax intake should rise by only $3.5 billion instead of $4.9 billion. "We simply do not know enough about the future to commit ourselves" to any larger tax cuts, the secretary said...
...proposed to give them tax relief of only $920 million instead of the proposed $2.7 billion a year by limiting "lowincome allowances" in the House bill. Some 5,000,000 poor people who now pay taxes would still be excused from paying anything, Kennedy reckoned. Despite his proposal to cut the basic corporate income tax, Kennedy would keep most of the House bill's provisions that raise business taxes. The biggest such provision is the proposed elimination of the investment tax credit that now saves businesses $2.7 billion a year...
...pact placed a price floor of $1.73 a bushel on wheat traded internationally, as against the U.S. domestic support price of $1.25 a bushel. As the negotiators ought to have foreseen, the high world price encouraged overproduction, some of it abetted by large Government subsidies. Price cutting broke out late last year. The U.S. in mid-July cut its export wheat prices by 120 a bushel, to $1.55. At that point, the price war began in earnest...
Central Gulf and Lykes officials predict that their barge-carrying ships will pare the round-trip time on transatlantic voyages by half, to 30 days. Since transfers of cargo between barges and oceangoing ships will be eliminated, they also expect the vessels to cut shippers' breakage and pilferage costs, and to reduce the heavy investments many shippers must now make in warehouses and dock facilities...