Word: speedups
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Unlike the tax credit, a speedup in depreciation write-offs does not require congressional approval. By early summer, Treasury tax men expect to finish the monumental job of revising their rulings on the useful life of each of the myriad varieties of machinery used by U.S. industry. The shorter useful-life rulings will allow businessmen to deduct the purchase price of machinery from their income tax in larger chunks-and hence leave them with more after-tax cash to buy still more machinery. Though other industries are unlikely to get the whopping 40% depreciation speedup already accorded the hard-pressed...
...Kennedy proposal has melted considerably, and the tax credit now seems likely to be enacted. One blue-ribbon industrial group, the Machinery and Allied Products Institute, did much to swing opinion by pointing out that an 8% writeoff would have as much impact, for most industries, as a 40% speedup in depreciation writeoffs. President Kennedy has also helped his own cause by speeding depreciation schedules in the textile industry and promising that further liberalization is ahead in the railroad, aircraft and machine-tool industries. Businessmen are thus coming to believe that they can get both the tax credit and faster...
With Helicopters. How can the U.S. help? Conventional tactics against the shadowy Viet Cong, a Vietnamese official pointed out last week, are "like playing soccer with a tennis racket." Despite an impressive speedup in the flow of U.S. supplies, for example, Saigon warehouses are stacked with deteriorating carbines, cloth, medical and communications equipment. Reason: Diem's six-year-old army has made no" provision to handle the increased flow. Many combat units have to use guns that have no gun sights or are so badly worn that they jam more often than they fire. Yet new U.S. weapons seem...
...number of reinforcements for the Seventh Army from 40,000 to 50,000 since the Berlin crisis began. At his press conference, Kennedy took special pains to detail the buildup in U.S. military strength in recent months: a $6 billion jump in the armed forces' budget, a 50% speedup in the contruction of Polaris submarines, a 400% increase in production of the M-14 rifle, the calling up of two divisions...
...EXPORT-IMPORT BANK. Restricted by law to financing the purchase of specific U.S. goods and services by foreign nations, the Ex-Im Bank has broadened its mission to include general lines of credit to Latin American countries for basic development projects. Extent of the speedup: 18 loans for $456.3 million (mostly for U.S.-made road-building machinery and agricultural equipment) since March, v. nine loans worth $280 million in the same six months last year...