Word: levitts
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Dates: during 1970-1979
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...would have been Big Business 25 years ago, are considered fairly small or at most middling in these inflationary days. Unlike the community of large corporations, the mass of these outfits seldom speaks with one voice on issues that affect them. Now someone wants to be their champion: Arthur Levitt Jr., chairman of the American Stock Exchange, where 95% of the 964 listed companies have revenues under $350 million. He proposes to form a lobby that would be patterned after the Business Roundtable, whose members include the chiefs of 190 of the nation's biggest corporations. His organization, Levitt...
Small companies have special needs, Levitt argues. Government regulations are an especially heavy burden on them. By Levitt's reckoning, the cost of complying with environmental, safety and other rules comes to $32 per $100,000 of sales for companies with less than $100 million in revenues, vs. $4 for larger corporations. Because small companies are not as well known and therefore need to broaden their shareholder base and increase ownership of their stock, they prefer cuts in capital gains taxes rather than the increased depreciation allowances advocated by big companies. Says Levitt: "Our kinds of companies...
...George of small business, Levitt, 48, son of a New York Democratic politician who was the state's unbeatable comptroller for 24 years, may be making a virtue of necessity. The American Stock Exchange, after all, has long been a home for smaller companies. When he became its chairman in January 1978, he inherited a roster of restless firms whose ambition was to grow large enough to be listed on the Big Board, the New York Stock Exchange. Levitt, who now earns more than $200,000 a year, says he discovered that these companies had "little representation in government...
...Levitt has lobbied for the Small Business Investment Incentive Act, which would give a 10% tax credit to individuals for investments in new issues of firms with a net worth of $25 million or less...
...Often Levitt visits Amex-listed companies and attends their annual meetings...