Jump to content
The Education Forum

The Kennedy Act of 1962


Ron Ecker
 Share

Recommended Posts

An article by Joe Siracusa in Australia’s The Age says that the KGB believed that Texas oilmen contracted with Jack Ruby (always hire the best) to arrange the JFK assassination. Siracusa says, “The motive? JFK had infuriated big oil with the Kennedy Act of 1962, slapping taxes on US oil firms that would have cost them hundreds of millions of dollars a year.”

Having never heard of the Kennedy Act of 1962, and finding nothing on it with a preliminary Google search, I would suspect this of being some kind of Mat Wilson-type disinformation and therefore not worthy of further inquiry. But Sircusa is identified as “a specialist in presidential politics” at an Australian university, and is the author (I checked to be sure at Amazon.com) of a favorably reviewed book entitled The Kennedy Years, published by Facts on File with a price tag of $85. This tells me that Siracusa must certainly know more about the Kennedy years than I do. So are there any forum members who can educate me about the Kennedy Act of 1962?

http://www.theage.com.au/news/world/who-lo...2016987735.html

Link to comment
Share on other sites

An article by Joe Siracusa in Australia’s The Age says that the KGB believed that Texas oilmen contracted with Jack Ruby (always hire the best) to arrange the JFK assassination. Siracusa says, “The motive? JFK had infuriated big oil with the Kennedy Act of 1962, slapping taxes on US oil firms that would have cost them hundreds of millions of dollars a year.”

Having never heard of the Kennedy Act of 1962, and finding nothing on it with a preliminary Google search, I would suspect this of being some kind of Mat Wilson-type disinformation and therefore not worthy of further inquiry. But Sircusa is identified as “a specialist in presidential politics” at an Australian university, and is the author (I checked to be sure at Amazon.com) of a favorably reviewed book entitled The Kennedy Years, published by Facts on File with a price tag of $85. This tells me that Siracusa must certainly know more about the Kennedy years than I do. So are there any forum members who can educate me about the Kennedy Act of 1962?

http://www.theage.com.au/news/world/who-lo...2016987735.html

*****************************

http://www.jfkmontreal.com/power_brokers.htm

Kennedy’s Oil Tax

It’s interesting Sam Bronfman invested heavily in foreign subsidiaries of Texas Pacific in 1963. Kennedy had placed a heavy tax burden on foreign subsidiaries of US oil companies. Once Kennedy was removed from office, Bronfman’s oil investments began to increase. The following is researcher Jim Marrs’ description of Kennedy’s oil tax:

When John F. Kennedy became President in 1961, the oil industry felt secure. But President Kennedy then began to assault the power of the oil giants directly, first with a law known as the Kennedy Act, and later by attacking the oil depletion allowance. The Kennedy Act, passed on October 16, 1962, removed the distinction between repatriated profits and profits reinvested abroad. Both were now subject to US taxation. The measure also was aimed at preventing taxable income from being hidden away in foreign subsidiaries and other tax havens. While this law applied to industry as a whole, it particularly affected the oil companies, which were greatly diversified with large overseas operations.

By the end of 1962, oilmen estimated their earnings on foreign investment capital would fall to 15 percent, compared with 30 percent in 1955.

One of the most sacred of provisions in the eyes of oilmen was the oil depletion allowance, which permitted oil producers to treat up to 27.5 percent of their income as tax exempt. In theory this was to compensate for the depletion of fixed oil reserves but, in effect, it gave the oil industry a lower tax rate. Under this allowance, an oilman with a good deal of venture capital could become rich with virtually no risk. For example, a speculator could drill ten wells. If nine were dry holes and only the tenth struck oil, he would still make money because of tax breaks and the depletion allowance.

It was estimated that oilmen might lose nearly $300 million a year if the depletion allowance was diminished.

Attempts to eliminate or reduce the depletion allowance were rebuffed year after year by congressmen, many of whom were happy recipients of oil-industry contributions.

Speaking of his tax reform act of 1963, President Kennedy pointed the finger at the oil companies, saying: "… no one industry should be permitted to obtain an undue tax advantage over all others."

Included in Kennedy’s tax package were provisions for closing a number of corporate tax loopholes, including the depletion allowance. Needless to say, oilmen both in Texas and elsewhere felt threatened by Kennedy and his policies. Kennedy’s use of his personal power against the steel manufacturers had shown them that the young President meant the enforce his will in these matters.

(Jim Marrs, Crossfire, pp. 276-277)

Was Sam Bronfman’s acquisition of Texas Pacific Oil truly a "shrewd move" as biographer Michael Marrus described, or was it a perk for participating in President Kennedy’s assassination?

********************

http://www.jfk-online.com/farewell10.html

http://www.jfklibrary.org/fa_white_lee_wh.html

http://www.spartacus.schoolnet.co.uk/JFKbrightH.htm

http://www.spartacus.schoolnet.co.uk/JFKoildepletion.htm

B..

B)

Link to comment
Share on other sites

Bernice,

Thanks for the link to the Marrs passage.

I now find that the Kennedy Act is more generally referred to as the Revenue Act of 1962, a title by which info on the act is easily located. In fact, in searching I stumbled across a great search tool that I didn’t know about: Google Book Search. Using it, I quickly found this book page on the act in question:

http://books.google.com/books?hl=en&id=2IZ...9msloRURWAXOXSU

Google Book Search is at:

http://books.google.com/books?hl=en

Ron

Link to comment
Share on other sites

Bernice,

Thanks for the link to the Marrs passage.

I now find that the Kennedy Act is more generally referred to as the Revenue Act of 1962, a title by which info on the act is easily located. In fact, in searching I stumbled across a great search tool that I didn’t know about: Google Book Search. Using it, I quickly found this book page on the act in question:

http://books.google.com/books?hl=en&id=2IZ...9msloRURWAXOXSU

Google Book Search is at:

http://books.google.com/books?hl=en

Ron

Certainly it is bad enough that the Jews have been blamed for the death of Jesus.

By implication this JFK Motreal site, with no evidence whatsoever, would have us believe that Bronfman killed JFK for economic gain.

Tsk, Tsk!!

For Goodness Sakes Tim,

Who taught you how to form sentences, Cagliostro?

Anonymous "Right-Wing Oilmen" in meetings with conspirators is as much a fixture in the JFK saga, as really crappy movies is as part of "Mystery Science Theatre." Who are you kidding?

To respond to Ron Ecker's logical inquiry and well submitted responsitory by the esteemed Bernice Moore, I would point out that there is another current post on the Forum ie Dorothy Kilgallen posted by the lovely and talented Lynnette (Call Me) "Squeaky" Fromme er, ah I mean Lynne Foster which I have carefully posted.

"Regardless, it is a fact that when Dorothy returned to New York, she told friends that she had discovered that Ruby and the slain Officer J.D. Tippit had been friends. They had been seen together in Ruby's Carousel Club at a meeting 2 weeks before the assassination in the company of Bernard Weissman, who had placed the "JFK-Wanted for Treason" newspaper ad in Dallas newspapers on November 22nd, 1963. Studying the Warren Commission Report, Killgallen deduced that the meeting had also been reported to Chief Justice Warren AND that the identity of "the fourth man",which she had been unable to ascertain, had been reported to Warren as "a rich Texas oil man", as Earl Warren described him in the official transcript."

Edited by Robert Howard
Link to comment
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
 Share

×
×
  • Create New...