The Economy: The Great Tax Debate

A SPIRITED controversy is crackling around the key element in President Nixon's program to stimulate the economy: his plan to reduce taxes on business spending for plant and equipment. Since it was announced last month, the proposed "investment tax credit" has sparked debate among leaders of business, labor, Congress and the Administration. Critics charge that the tax credit is economically and socially inadequate because it offers too much for corporate investors while individual tax reductions provide too little for consumers. Top White House aides argue that the credit will induce more spending for capital investment, provide jobs and prosperity, and make...

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