STATE OF BUSINESS
Two hours before the tax cut was signed into law, American Telephone & Telegraph Chairman Frederick R. Kappel received a long-distance call from one of his best customers: Lyndon Johnson. How, asked the President, would the measure affect A.T. & T.'s plans? As a direct result of the cut, said Kappel, A.T. & T. would add another $100 million onto its record 1964 budget for capital spending, originally set at $3.25 billion.
Bigger capital investments by many U.S. companies will indeed be one of the major consequences of the tax bill (see following story). But there will be countless...
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