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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
May 21, 1969
Page
9
Congress debates the oil depletion allowance with critics calling it a great oil robbery while supporters from oil states back the industry. Rep Bertram Podell denounces the tax break, yet senators like Russell Long and fellow Texas Oklahoma lawmakers pledge backing amid industry education efforts.
President Nixon's administration moves beyond an initial tax package as Treasury broadens proposed measures. Secretary Kennedy to present to the Ways and Means Committee, with a formal message likely to follow. Proposals include overall limits on tax advantages for high incomes, tighter rules on foundations, limits on interest deductions, and curbs on farm loss deductions and oil tax benefits.
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