Highlight of the Decade

In 1960, the Country was gearing up for a presidential election. Nominees John F. Kennedy and Richard Nixon faced off in The Gift and Art Buyer, each explaining what they would do for the small business owner. Here's what they had to say:

"Over the years Democrats in the Congress and the White House have understood the problems for small business and enacted legislation to protect its rights. But law cannot be separated from the men who interpret and enforce them. As a consequence, during the last 7½ years, we have witnessed the greatest period of merger and amalgamation in industry and banking in American history. As credit lines were tightened during these years, it became increasingly hard for small business to survive ... As goals...we set these standards: (1) Credit and equity at reasonable rates. (2) An accelerated Small Business Administration loan program; a vigilance to guard this agency's independence. (3) Protection against monopolistic growth (and resulting rigid prices) through vigorous anti-trust law enforcement." — John F. Kennedy

"The best way for American people to improve their living standard is through policies that promote maximum business growth. This growth I propose to encourage through a thorough review of our tax structure ... Consideration should also be given to complete overhaul of the present hodge-podge of excise taxes [some of which] amount to hardship discrimination against certain types of business operation. In the area of personal income, I am convinced that the risk-taking is often discouraged (and tax avoidance encouraged) by confiscatory rates in the higher brackets. I believe that the reduction of some of these rates would inevitably be offset by new investment and business expansion, which would fill the small loss of revenue ... These are strong reasons to believe that the stimulating effects of even a small cut in the corporate tax rate of 52 percent would improve, rather than diminish our revenue return," — Richard Nixon