When the U.S. Treasury Department last week announced its speedup in depreciation write-offs, many of the headlines described it as a tax cut that would give U.S. business an extra $1.5 billion to spend in 1962. Actually, the new revision of the familiar "Bulletin F," in 56 pages of technical language, represents a far more basic rejuggling of corporation tax loads.
Under federal tax law, any business can deduct the cost of its plant and equipment from its corporate income, and can do so in yearly installments extending over the "reasonable" life of the...
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