Taxes: Victory for Dillon

Berlin may yet compel the President to call for higher taxes, but last week the powerful House Ways & Means Committee went along with the Administration's tax incentives to spur business expansion and modernization. The committee voted in favor of a plan to give every businessman a tax credit equal to 8% of the amount that he invests in new equipment. This was an unexpected victory for Treasury Secretary Douglas Dillon, though he actually wanted moreĀ—a credit of 15% of any amount that a businessman spends for new equipment above what he spent the year before.

The 8% credit would...

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