Word: repeals
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...Administration last week offered Congress a three-point initial package to moderate the economy's pace. The plan would repeal the 7% investment credit for business expansion. It also provides for the retention of existing excise taxes on telephones and automobiles. Most important, the Administration would continue the 10% income tax surcharge for six months and then halve it for the following six months. Treasury Secretary David Kennedy said: "This will do the job." House Ways and Means Chairman Wilbur Mills, who feels that Nixon's economy efforts to date have lacked conviction and impact, argued that...
...begun, however cautiously, to risk offending some of those who elected him. Negroes are still suspicious, but many Southern whites who voted Republican in November are unhappy about the Administration's school-integration policy. Last week Nixon went against the advice of some senior aides in recommending repeal of the 7% business-investment tax credit as part of his tax package (see BUSINESS). Repeal of the credit is primarily an anti-inflationary measure, but the predominantly Republican business community will pay the bill. The President's other tax proposals-reducing the burden on the poor, halving the surcharge...
Balanced Impact. Despite considerable grumbling among businessmen, repeal of the 7% investment tax credit seems almost sure to win congressional approval. Once a supporter of the tax credit, Nixon changed his mind last month after surveys showed that corporate spending on new plant and equipment was heading for an inflationary 14% gain this year. Its immediate repeal is intended to make a slowdown in actual corporate spending mesh with the time next year when a lowered tax surcharge would give consumers more pocket money...
Without question, repeal of the tax credit will crimp the profits of companies in capital-intensive industries. On Wall Street, which generally shrugged off the tax announcement, that prospect depressed stock prices among construction firms, computer-leasing companies, steelmakers and airlines which are in the midst of a costly modernization program. Some small and medium-sized firms may well choose to curtail their factory expansion. At General Motors, the tax credit amounted to $39 million last year, or nearly 4% of its profits. But G.M. does not plan to cut back on its $1.1 billion spending program (up 28% from...
...years ago, Calkins led another crusade. He headed a drive to repeal an 18-year-old loyalty oath that Cleveland had required of all its school employees...