Nothing is more sacred to many Congressmen than the depletion allowance. Attempts by various administrations to change it have been quickly beaten down. Undaunted by this. Treasury Secretary Robert B. Anderson last week took up the attack again. He told Congress that something has to be done to tighten up on the depletion allowance; the loopholes in the law are so many that the Treasury stands to lose hundreds of millions in revenue each year.
The Treasury's argument is that the allowance off taxable income (ranging from 5% for clay to 27½% for oil and gas) was originally conceived as a...
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