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Without such a class, there is no economic olace for free enterprise, as we nave known it, and complete socialization of business cp"'Ttions is inevitable*
In taxation, only one element of the small businessman’s problem the Committee on Ways and Means, of which I am a member, has been working in recent weeks to develop recurring huge federal deficits—which faced us even be* fore the Mjddle East crisis became acute. In "general, tax reductions financed out of borrowed money, can be of little help to the small businessman or anyone else, as they merely • accelerate the inflationary movement.
The committee finally approved ort_ a bipartisan basis, a modest set of tax adjustments for snudl business. House and Senate action will be ne&sggryt of couPsef to enact these proposals into laws In brief, they are: < l
1, . A'speedup in depreciation to permit inrthe first year, in addiction to regular first-year write-off depreciation of 20 per cent of thp cost of machinery and equipment, up to a value of $10,000 ($20,000 on a joint return). If used in the first year, this 20 per cent writeoff could not be used later in the depreciation term .
2: Losses for ay par could be carried back three years, instead, of the present two, to be offset against prior-year income.
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