Word: write-offs
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Only eight months ago, the Office of Defense Mobilization decided that the U.S. had plenty of aluminum. It announced that the expansion program, aided by fast tax write-off certificates of necessity, was being overdone, canceled a third round of expansion that had been pending for two years.
DEPRECIATION DEDUCTIONS. In deducting capital-facility costs against taxes, businessmen (including farmers) will have a choice between several write-off rates. Under the rules prevailing in recent years, deductions had to be spread more or less uniformly over the "useful life" of the facility. Under the new rules, the businessman...
...Republican program for businessmen grew out of the experience of the Democrats themselves, The provision: fast tax write-offs for all industry. The potency of the write-off as a means of encouraging expansion was well shown by the Democrats during World War II and the Korean war. During the Korean war period alone, some $27.8 billion worth of new defense plants and equipment was built or started, with quick write-offs covering 61% ($16.8 billion) of the total cost. Thousands of new jobs were thus created, even though the write-off was restricted to industries connected with defense...
By expanding such fast write-off allowances to all industry-and also permitting them on research outlays-the Republicans feel that they are encouraging industry to keep on expanding and developing new products.
It has often been proved that such incentives are far better-and cheaper in the long run-than the only other alternative: the Government going into business on its own. During World War II, the U.S. Government put more than $16 billion into war plants; since 1950, thanks to the...