Word: kennedyism
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Dates: during 1960-1969
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As a part of its benefits for middle-income individuals, the House bill would reduce basic income tax rates enough to grant $2.4 billion of relief after ten years and allow taxpayers who do not itemize deductions to take a standard maximum deduction of $2,000, or 15% of their...
Although President Nixon pledged during his campaign to keep the oil industry's depletion allowance at the present 27½%, Kennedy accepted the House decision to roll it back to 20%. In doing so, he tacitly recognized that the allowance has become the paramount symbol of tax favoritism. Kennedy...
On the other hand, he urged the Senate to relax the House provisions aimed at closing four other tax loopholes. For presently tax-exempt foundations, he proposed a 2% tax on investment income instead of the House's 7½% rate. He asked that the interest paid on municipal...
Under intense pressure from the financial community, Kennedy proposed to water down the House's tough tax treatment of long-term capital gains. The House bill would scrap the maximum 25% tax rate on such gains and force investors to hold their stocks and other property for a year...
Political Trouble. The Administration's stand will unquestionably be popular with businessmen, but it guarantees political trouble. Several members of the Senate Finance Committee pounced on Kennedy's proposals. "You've taken $1.7 billion from the average forgotten American and given it to the corporations," complained Indiana...