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Administration to oppose drive to repeal investment tax credit
Washington AP reports the Nixon administration is likely to oppose a congressional push to repeal the 7 percent investment tax credit. The Senate House Economic Committee recommended abolition, but many Republicans and some administration officials disagree. The tax credit, tied to new equipment purchases, is blamed for fueling inflation if suspended amid rising corporate capital expenditure. The debate centers on extending the 10 percent surtax as Congress weighs Nixon’s request for a one year extension and Kennedy studies the repeal idea. Labor supports repeal, arguing it would curb inflation and unlock investment funds.
MENTIONED IN THIS ARTICLE
Washington
Senate
House Economic Committee
Congress
U.S
Nixon
Secretary of the Treasury
David M. Kennedy
LABOR
George Meany
Afl-Cio
National Association of Manufacturers
U.S. Chamber of Commerce