Word: dillons
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Dates: during 1960-1969
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Brain Tryst. The day is gone when Henry Ford boasted: "It is one to me whether a man comes from Sing Sing or Harvard." Kennedy's Cambridge-on-the-Potomac includes 17 high Harvard-men besides the President-elect. Four are Cabinet members-designate: Treasury Secretary C. Douglas Dillon ('31), Defense Secretary Robert S. McNamara (Business School '39), Postmaster General J. Edward Day (Law '38) and Attorney General Robert F. Kennedy ('48). Others include former Harvard Law School Dean James M. Landis, reformer of regulatory agencies, Assistant Defense Secretary Paul Nitze ('28), Federal Housing...
...federal budget will probably run a deficit in fiscal 1962, despite the Eisenhower Administration's projection of a $1.5 billion surplus. So last week predicted Douglas Dillon, who, as Treasury Secretary in the Kennedy Administration, can be expected to have a major role in the nation's economic policy. Appearing before the Senate Finance Committee for hearings on his confirmation, Dillon said that he expects the budget deficit because of a decrease in tax revenues, "particularly in the area of corporate profits." He also gave his views on several economic problems, on others skillfully declined to commit himself...
...would rather have lower rates and fewer loopholes. If action is to be taken, it is a propitious time now, rather than waiting a year or so." But he has "no present intention" of recommending a cut to curb the business downturn, since it would increase the budget deficit. Dillon hopes to submit at least a partial program for reform by April 1, but feels that long-range tax reforms would be better in a year of surplus. He expects to take a "detailed look" at the 4% exemption on dividend income, expense-account loopholes, depletion allowances...
...BALANCE OF PAYMENTS. As one answer to the problem, Dillon sees "no reason" for continuing the special tax incentives that the Government has used to encourage industry to go abroad to Europe, thinks that any change should retain them for firms investing only in underdeveloped or developing countries. To help exports grow, he favors continued pressure against restrictions imposed on dollar imports...
...give the Treasury maximum flexibility for refinancing the long-term debt "may be" to remove the 4¼% interest-rate ceiling on long-term bonds. The Federal Reserve's shift from its "bills only" policy to "bills usually policy" last fall was "a step in the right direction"; Dillon also tactfully backed the Federal's policies by remarking that "no one policy is the preferable policy all the time...