Word: fowlerize
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...more and more production machinery inevitably becomes outdated, many companies limp on without replacing it because stringent tax depreciation laws make it difficult to get enough cash to modernize. Treasury Under Secretary Henry H. Fowler concedes that U.S. tax write-off allowances "are probably among the most limited in the world." Last week President Kennedy brought welcome relief to the textile industry-one of the most hampered by antiquated machines-by allowing it to concentrate its write-offs in as little as twelve years v. more than 25 years previously. Furthermore, said Kennedy, Treasury tax experts are studying the possibility...
...Fowler described the Administration's program as a two-pronged effort to encourage modernization: 1) depreciation reform, and 2) tax credit incentives to be granted for spending on new equipment. The tax credit proposed by the Administration last spring was denounced by industrialists for not making basic and badly needed reforms in depreciation...
...This fear should now be dissipated." said Fowler...
...couple of weeks ago, Administration insiders leaked the news that Fowler Hamilton, an international lawyer and an old Government hand, would soon be appointed director of the U.S. Central Intelligence Agency, succeeding Allen Dulles. Later, the word came that Wall Street Banker George Woods would soon be named head of the new Agency for International Development. But under the New Frontier, such predictions are often unsafe until the actual swearing-in ceremonies. When President Kennedy last week announced the appointment of Fowler Hamilton...
...native of Kansas City, Mo., Fowler Hamilton, 50, got his law degree as a Rhodes scholar, at Oxford's Christ Church College-where he developed a taste, which he still indulges, for Savile Row suits and old port. After a brief turn as a Kansas City lawyer, he went into Government service in 1938, as a special assistant to Attorney General Homer Cummings. During World War II, he helped select German economic targets for air raids and sabotage, as chief of the Economic Warfare Division of the U.S. embassy in London...