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Carter tax plan draws sharp Wall Street criticism
Wall Street and corporate leaders voiced strong opposition to President Carter's tax proposals. Merrill Lynch chief economist Albert H. Cox Jr. called the plan a tragic mistake, warning recession risks as corporate tax bills may rise with Social Security costs. Irving S. Shapiro of Du Pont and the Business Roundtable said some steps help but overall business remains negative. Critics targeted proposed limits on entertainment deductions and expenses, arguing it misreads business needs. Morgan Stanley's Robert Baldwin condemned government intrusion into management prerogatives.
MENTIONED IN THIS ARTICLE
New York Times
New York
Carter
Wall Street
Albert H. Cox Jr
Merrill Lynch & Co
Cox
Merrill Lynch Economics Inc
Irving S. Shapiro
E. I. du Pont de Ne
Mours & Co
Business Roundtable
Shapiro
U.S
Robert H. B. Baldwin
Morgan Stanley & Co
Baldwin