Word: cuts
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Dates: during 1960-1969
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Depletion Cut. The key feature of the House committee's reform plan was a slash in depletion allowances on oil and certain other extractive products. The law that is now on the books permits oil-well owners to deduct from their taxable incomes 27½% of the value that each well produces regardless of drilling or operational costs. Long deadlocked over the question of depletion cuts, the committee finally approved 18 to 7 a proposal to drop the allowance to 20%. The compromise move, which surprised even Committee Chairman Wilbur Mills, came after Louisiana's Hale Boggs...
...another British institution. Comparing Britain to "a man who decides that his requirements no longer justify the upkeep of a Rolls-Royce," the committee recommended "a significant reduction" in the size of the diplomatic service, a 50% slash in the size of overseas information departments, and a one-third cut in the number of armed-service attaches. Moreover, said the committee, the "balance of the workload" should be precisely the duties that career foreign service men have traditionally shunned as undignified: the "commercial objective" of drumming up overseas orders for British goods...
...Petroleum is a good example of where we could set direction and give incentives-like the oil industry's depletion allowance, for instance. Maybe rather than cut depletion or raise it or whatever, we should tie it more strongly to exploration and research, for example, into new methods of cutting down on pollution. Maybe we could give a similar advantage to other industries and tie it to how they use it. Let's say the automobile industry has some kind of tax incentive to look into other kinds of transportation like steam or electric cars. That might...
...anti-inflationary moves are now badly hurting shareholders. The Dow-Jones industrial average has dropped more than 150 points since it reached the year's high of 969 in May. Last week it fell precipitously, closing at 818, lowest in 21 years. Many speculative stocks have been cut in half. The mutual funds are sitting on the sidelines, holding tremendous sums of cash and waiting for the market to hit a bottom. The slide has forced some brokers and bankers to make margin calls, and it is even pinching a number of big firms. As it scurried to raise...
...least temporary relief, it is negotiating in Washington for the second fare in crease this year. Air travel has traditionally reflected the ups and downs of the U.S. economy, since, as one air line executive puts it, "vacation dollars are expendable dollars." Inflation and the incipient economic slowdown have cut into travel for both business and pleasure. In the first six months of 1969, passenger travel rose 11% from the 1968 level, 4% less than anticipated. During June, six of the eleven trunk carriers reported significantly lower increases...