Indianapolis Times, Indianapolis, Marion County, 5 December 1947 — Page 27

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Re ; h ess Capehart and Grant Offer Bills fo Increase Tax Deductions for Bui 1ding and Machinery Expenses : oi : Times Washington Bureau of “peace through production.” Itjand means staff, conferred with | | Roswell - Magill, former undersecre-/each year Jor five years, Under vestiment flow. {loss in current revenue, he. said. gram. Ie such production increate : a casting WASHINGTON, Dec. 3 — TWO! was introduced in the House by both the Senator and Congressman tary of the Treasury and Prof. the present” system it would take, “We believe this bill is one of the | (Ang it may have a somewhat infia- | two weeks ago. This is the first Hoosiers yesterday introduced iden- Rep. Robert A. Grant (R. Ind),/in drafting the bill. Mr. GrantiSumner H. Slichter, Harvard econ-ithe estimated life of the machin-|most important measures : - - presented | tionary Immediate effect on build-|bill he has introduced to imple« Assembly lind tical bills in the House. and Senate member of the House wan and said that it had been suggested by omist, were quoted to support thelery or building te: do that. The for congressional action to halt in-| ing supply prices, he admitied. {ment it. He did present a joint 4 which would permit a five-year Means Committee. ; |several witnesses who "have ap- general idea. treasury allows building deprecia- flation and to give the nation sta-| “ “However,” Mr. Grant concluded, | resolutiqyr asking that Congress go : amortization of building .snd ma-| Since it is a tax measure, it will peared before the ways and means, Here is the way it would work as tion on & 20 years or more basis bility in its future economic Jite.! “we feel that it is a long-range plan on record to have farmers up their NER 1 chinery costs in figuring federal in-! first have to be approved by the committee. explained by Sen. Capehart. , . . now. Our plan would speed up en- Expects Treasury Opposition | tor solving our problems through |tilled acreage 20 per cent. » will have & come tax, [ways and Means Committee. It was] How Proposal Would Work | “You invest $100,000 in building largement of the productive capac-| Mr. Grant declined to predict the increased production, In my| Unlike Mr, Grant, Sen. Capehart at 6 Dp. Sen. Homer E. Capehart (R. Ind) | the Finance Committee in! In a joint statement supporting and machinery (other than a home ity of the U. 8. and help solve the) | possibility of adoption of the plan opinion that is the only way it|said he was willing to resort to \s party said he presented the measure as the’ Senate. {the proposal, issued in thé name in which to live) and you write off housing shortage by making the! by his committee. He expects the can be done.” | allocations of materials fn shorte

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_ THE IN DIANAPOLIS TIMES

PAGE 25!

another step in his own basic plan; Colin Stamm, head of the ways: of Sen. Capehart and Mr. Grant, , $20,000 on your federal income tax| fleld more attractive for capital n-| Treasury to oppose it because of

Sen.

_Capehart presented a pro- supply to ‘make his new ' plan work,

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