"The time has come when our tax laws should cease to encourage luxury spending as a charge on the federal treasury," said Treasury Secretary Douglas Dillon last week, testifying before the House Ways and Means Committee. That cherished lubricant of modern business, the deductible expense account, was the object of the Administration's tax raisers, who hope to pick up $250 million a year on no-longer-deductible third martinis and seats on the aisle.
Instead Dillon proposed a private enterprise version of the Government's rigid per diem system. Since traveling civil servants get only $12 a day for expenses, explained Dillon (himself a...
To continue reading:
or
Log-In
