Word: reformation
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Dates: during 1960-1969
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Ways and Means was obviously determined to write a stringent reform law. Meeting throughout the week, the committee approved the narrowing of loopholes that now allow some wealthy individuals to escape taxation entirely. The changes would bring an additional $2 billion into the federal Treasury and lighten the burden-if only by a feather -on the middle-income taxpayers...
Depletion Cut. The key feature of the House committee's reform plan was a slash in depletion allowances on oil and certain other extractive products. The law that is now on the books permits oil-well owners to deduct from their taxable incomes 27½% of the value that each well produces regardless of drilling or operational costs. Long deadlocked over the question of depletion cuts, the committee finally approved 18 to 7 a proposal to drop the allowance to 20%. The compromise move, which surprised even Committee Chairman Wilbur Mills, came after Louisiana's Hale Boggs...
Boggs, now majority whip, would like to become Speaker eventually. He realizes that the surtax is necessary and that some degree of reform is probably unavoidable. Recently, reports TIME Congressional Correspondent Neil MacNeil, Boggs met secretly in New York City with a number of oil and sulphur executives. He advised them that some reduction in the depletion allowance was necessary in order to prevent even more drastic changes in other tax regulations bearing on their industries...
...that time, Boggs had in mind a depletion figure of 22%, but he still had to negotiate with Ohio's Charles Vanik, leader of the reform movement within the committee. Vanik wanted to make it 15%. They compromised...
...Price of Reform. Delighted by the House committee's action and by the probability of a House floor vote before the summer recess begins Aug. 13, Senate Democratic leaders lost no time in pressing their new advantage. Mansfield offered to extend the surtax promptly, but that would take it only to the end of November. A further extension vote by the Senate, he said, would come only after the Ways and Means reform package had made its way through both the House and Senate to the President's desk. Republicans denounced the proposition, and Minority Leader Everett Dirksen...