Word: taxingly
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Dates: during 1970-1979
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Even with federally demanded outlays excluded, the JoAes-Conable plan would produce a cut of $15 billion to $20 billion in Treasury revenues. To avoid so great a loss, the Congressmen plan to have the program phased in over several years; they would allow business to reduce its taxes-and add to its investment capital -by about $5 billion next year, permitting the amount to rise to three times that much in 1982. Says Jones of the bill: "This will be the centerpiece of a business tax cut next year...
...total election-year tax cut is expected to be $15 billion or more, and it is traditionally split two-thirds for individuals, one-third for business. Conable, Jones and other congressional leaders have been telling business people to rally behind a single proposal to avoid a repetition of last year's squabble, when big companies preferred a corporate tax cut rather than a reduction in capital gains taxes. The plan for faster depreciation has quickly won the backing of business lobbyists, who get together for breakfast every two weeks at Washington's sedate Sheraton-Carlton...
Business appears to be presenting a united front because the 5-10 idea would benefit both big and small companies, and it appears to be easier to sell to Congress than a further cut in corporate tax rates. Says Albert Sommers, chief economist of the Conference Board, a business-backed research group: "Speedier depreciation is the simplest, fairest and most legislatable general measure of assistance to capital formation...
Opposition may come from the Treasury, where some officials not only dislike the revenue loss but also worry about breaking the link between the replacement life of a product and its tax depreciation. Such a break, according to this argument, might cause favoritism for certain industries. The steel industry, which now depreciates its assets rather slowly, would get a better advantage than the auto industry, which depreciates its assets more rapidly. In addition, groups that oppose tax cuts for business will fight the speedy depreciation. However, these opponents are in the minority. Most Congress watchers believe that if the business...
Democrats who urge tax breaks for business used to be as rare as Southern supporters of memorials to Ulysses S. Grant, but that was before Oklahoma Congressman James Robert Jones started working the corridors. As the party's primary advocate of liberalized depreciation rules, Jones is at the fore of a neoconservative fiscal bandwagon that is straining the old free-spending coalitions of the New Deal and the Great Society. He is also one of the most effective and fastest rising members of Congress...