In This Issue
Explore the September 1969 print edition below. Or to discover more writing from the pages of The Atlantic, browse the full archive.
Thirteen brief book reviews
Notes on a New History, Part I
Taxes and efforts to avoid them are always with us. The price the public pays —in lost tax revenues and in high prices — because of a device called the depletion allowance is examined here in detail. The forty-three-year-old provision in the tax laws benefits all who profit from taking oil and other minerals out of the American soil and even companies that traffic in oyster shells. Now battle over the controversial but durable depletion allowance has been joined in Congress. Another battle over oil-import restrictions, with even larger stakes for the oil companies and the consuming public, looms ahead. The subject is a difficult one, but taxpayers as well as tax-avoiders are urged to immerse themselves in this carefully researched study by a diligent and literate journalist.