Senator Kennedy and U.S. Vice President Nixon debate on oil depletion allowance during presidential election debate in the U.S.
United States USA Date:1960 Duration:3 min 31 sec Sound:Yes
Presidential election debate held between Democratic nominee Senator John F. Kennedy and Republican nominee U.S. Vice President Richard Nixon in the United States. NBC correspondent Frank McGee asks Senator Kennedy if he considers twenty-seven and a half per cent oil depletion allowance inequitable. Senator Kennedy responds stating that there are many commodities and minerals that have some kind of depletion allowance including oil and no one should get a tax break on the same. He says that if he is elected the president, the whole spectrum of tax will be gone through carefully. ABC correspondent Bill Shadel asks Vice President Richard Nixon to speak on the topic. Vice President Nixon says he favors the present depletion allowance. He further says that if there is no depletion allowance oil exploration will be cut substantially in the United States.
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