Even before the tax reduction, U.S. industry had plenty of money to spend for expansion and modernization—and good reason to spend it. Now, figuring that the cut will stimulate consumer demand, managers in companies as diverse as Allied Chemical, General Electric and Rockwell Manufacturing are re-evaluating their capital investment plans and reconsidering some projects once considered marginal. Whatever U.S. industry may add as a result of the tax reduction will improve what is already almost certain to become the best year ever for capital spending. In 1964 the oil industry plans to expand its capital budgets by 8%, the chemical industry...
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