State of Business: Spur to Spending

Hoping to stimulate businessmen to invest boldly in more productive plants and machines, the Kennedy Administration last week tried a second time to pass a controversial piece of legislation. The powerful House Ways and Means Committee approved a Kennedy-backed plan to give every businessman a tax credit of up to 8% of any amount that he invests in new equipment; the credit would be in addition to present depreciation schedules, which permit businessmen to deduct the costs of plant and equipment from their tax bills over a period of years. Economists...

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