Word: oiling
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...OIL DEPLETION. Despite a last-ditch attempt by Chairman Long to hold the oil-depletion allowance at its present 27½%, the Finance Committee bowed to public pressure to attack what many regard as the most egregious of tax shelters. Beaten, Long himself led a move to reduce the allowance to 23% - a higher figure than the House-approved cut to 20% - hoping to forestall an even greater reduction. The Senate version of the bill substantially reduces the additional taxes to be collected from the oil industry. Where the House bill would have raised the industry's taxes...
FOUNDATIONS. Even harder hit than the oil industry were the country's nonprofit foundations. They are easy political prey. Feared by some liberals because they represent aggregations of tremendous wealth over which there is no public control, the foundations are also mistrusted by conservatives because many of them support liberal causes with tax-free resources. In a move that was as political as it was economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond...
Prospects for Passage. Though approved by the Finance Committee, the R & R bill faces obstacles before it reaches the President's desk. Oil-state Senators plan to fight for restoration of the depletion-allowance cuts on the Senate floor, and liberals will attempt to soften the restrictions on foundations. A conference committee will have to resolve the differences between the House and Senate versions of the bill. Still, ultimate passage of some kind of relief and reform bill is certain. Although it believes the Senate version will result in less short-term revenue loss, the Treasury Department has placed...
Customary Insouciance. There was still scattered terrorism in spite of the maneuvering in Cairo. Near Sidon, an oil-storage tank belonging to the TransArabian Pipe Line Co., a U.S. oil subsidiary, was spectacularly set ablaze. In Beirut, dynamite charges exploded harmlessly outside the Phoenicia Hotel and on Hamra, the principal shopping street. But in cities and refugee camps, riots and sniper attacks seemed to be abating, and discussions between Helou and Lebanese Moslem leaders replaced the angry recriminations of the week before...
...wanted or where local political conditions face it with unwarranted risks," Nixon said. "But my own strong belief is that properly motivated private enterprise has a vital role to play." Nixon plainly had in mind Bolivia's recent nationalization of the U.S.-owned Bolivian Gulf Oil Co. and Peru's seizure last year of the International Petroleum Co. -both so far without compensation. The President said nothing about the use of such punitive weapons as the Hickenlooper Amendment, which provides for suspension of aid in case of nationalization of U.S. property without speedy and adequate repayment...