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New Depreciation Rules Help Businesses Cut Taxes
The Commerce Department says new depreciation rules and a 7 percent deduction cut corporate tax bills. In 1962 corporations saved over $2.3 billion, with faster writeoffs boosting writeoffs by $2.4 billion and tax liabilities lowered by at least $1.2 billion. The savings funded new machinery, plants, and equipment, spurring orders and future job growth.
MENTIONED IN THIS ARTICLE
Nessmen
Ment of Commerce
Ani Tools
Congress
Cmmerce Department
Internal Revenue Service
Commerce Department