As more and more production machinery inevitably becomes outdated, many companies limp on without replacing it because stringent tax depreciation laws make it difficult to get enough cash to modernize. Treasury Under Secretary Henry H. Fowler concedes that U.S. tax write-off allowances "are probably among the most limited in the world." Last week President Kennedy brought welcome relief to the textile industryone of the most hampered by antiquated machinesby allowing it to concentrate its write-offs in as little as twelve years v. more than 25 years previously. Furthermore, said Kennedy, Treasury tax experts are studying the possibility of doing...
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