Word: speedups
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Businessmen naturally find no fault with the Administration's proposal to reduce corporate taxes from 52% to 47% over three years. They are concerned by the effort to link the cut with a speedup of tax payments by corporations, so that the Treasury can collect all its taxes in the year they are earned. The speedup will make federal budgeting easier and give Government economists a quicker and more dependable reading of the economy. But its immediate effect on major companies, which pay 80% of all corporate taxes, will be a heavier tax burden...
...heavier payments are the result of the complicated shuffle of tax payments necessary to adjust to the speedup. Under present rules, corporations do not begin paying taxes on the current year until September, and then continue paying them in quarterly installments through June of the following year. Under the new system, corporations will estimate their annual tax bill in April and make their first payment then; by year's end all the installments will have been paid. If the shift were made suddenly from the old to the new system, it would cause a doubling up of payments, raising...
...money aside in special funds for taxes, and would not in any case have spent the money for anything else. Many companies do not fit this model; they keep their tax money working in their businesses and borrow whatever they need to pay their tax installments. For them the speedup forces a choice of either borrowing more to make their payments-thus straining their credit ratings-or cutting into the working capital they need to operate their businesses. Either way, the tax "cut" will hardly put them in an immediate position to aid the economy with heavier capital spending...
...corporations, Kennedy proposed to drop the tax rate from the present 52% to 47%-a cut of another $2.6 billion. This tax saving would at first be partially offset by a speedup Kennedy proposed in the scheduling of corporate tax payments...
...Minuteman has arrived a year ahead of its original schedule, speeded by Air Force decisions in 1959, when there were widespread charges that an unfavorable missile gap did indeed exist. Although the speedup seemed "absolutely impossible" to Air Force brass, it was accomplished mainly by the drive, patience, and, as one colleague puts it, the "damn genius" of Brigadier General Sam Phillips, Minuteman program director and, at 41, one of the youngest generals in the Air Force...