If John Kennedy has his way, the era of the tax-deductible yacht and the three-martini expense-account lunch will soon be at an end. Last week, in his long awaited tax message to Congress, the President demanded a crackdown on expense-account living as one step in a program designed to raise $1.7 billion in new revenue by correcting the tax structure's "defects and inequities." The additional tax income is counted on to offset a seductive new plan aimed at jogging the slow rate of business investment in new factories and equipment.
Under Kennedy's incentives proposal,...
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