Word: deduction
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Dates: during 1960-1969
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Request & Plea. Johnson requested a temporary suspension of tax incentives and accelerated depreciation allowances for business investment in new equipment and construction-in particular, the lifting of inducements that enable businessmen to deduct from their tax bills up to 7% of the cost of new machinery and equipment. This tax break was enacted by Congress in 1962 in order to stimulate economic growth, and it has worked only too well: a new Government survey shows that business and plant expansion this year will be 17% greater than last year and 76% greater than in 1961 (see U.S. BUSINESS). Canceling...
...there was general agreement on the need to calm the economy, there was also plenty of argument about how to go at it. Last week Andrew Brimmer, Johnson's newest appointee to the Federal Reserve Board, urged a suspension of the 1962 law that lets companies deduct from their income tax up to 7% of what they invest in new factories and equipment. Brimmer insisted that capital spending has now reached "unsustainable levels," posing a threat of sharp cutbacks and a drop in the whole economy later...
...million, that will be financed by a Wall Street syndicate or other big lenders so that the coal shareholders will get their cash immediately. Continental should be able to liquidate that loan within ten years from the coal company's earnings and depreciation. Meanwhile, it can deduct the annual interest on the loan-some $27 million-from its taxable income. Judged by Consolidation Coal's recent rate of profits, the acquisition should give Continental Oil some $12 million a year in after-tax earnings, or a 25% return on its $48 million investment...
...much less than the $1,000,000 or so Winston might pay for such a stone for commercial use-because both knew its eventual destination. "The Smithsonian thought it would be interesting for the public to see what a diamond in the rough looked like," says Winston, who can deduct the cost as a charitable expense. "After all, America was built by such...
Giving art to museums used to be pure eat-your-cake-and-have-it. A collector could sign away his Rembrandt, Van Gogh or Gignoux (yes, who?) to his favorite museum, deduct its value from his income tax, and leave it right over his fireplace until his death. As of midnight June 30, the Indian giving is over,, thanks to the Internal Revenue Service...