JFK Seeks Tax Law Changes With Business Incentives
President Kennedy proposes a tax credit to spur business expansion and modernize plants, with a 20 percent withholding on dividends and interest, plus repeal of current dividend credits. House hearings begin May 3 with Treasury Secretary Dillon as first witness. Officials project new investment and jobs, while critics urge higher depreciation rather than tax credits.
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Kennedy plan hits Madison Avenue tax limits on living
Kennedy asks Congress to curb expense account living with proposals like banning tax deductions for caviar and campaign luncheons. Public relations executives debated the plan anonymously, noting the impact on high living and travel costs while acknowledging legitimate business expenses.
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