John F. Kennedy on Corporations

Threat of price-fixing probe got Big Steel to lower prices

The resolve of the steel magnates broke when Inland Steel of Chicago, the eighth largest company in the industry, refused to raise its prices. Before long, Bethlehem Steel, the nation's second largest producer, capitulated, and the U.S. Steel caved in. Steel prices returned to the level they had been at the start of the week.

1962: Negotiated no steel price rise & no pay raise

Kennedy responded, "What you are doing is in the best interest of your shareholders. My shareholders are every citizen of the US. I'm going to do everything in the best interest of the shareholders, the people of this country."

The next day, Robert Kennedy announced an antitrust investigation of the steel price hike. Subpoenas to produce documents were served on US Steel. The Pentagon was ordered to buy steel "where possible" from companies that had not raised prices. By the next night, 8 steel companies that had announced price hikes canceled them.

Shift tax payments of large corporations to a current time

[With other measures], this net reduction in tax liabilities of $10 billion will increase the purchasing power of American families and business enterprises in every tax bracket, with greatest increase going to our low-income consumers. I do not say that a measure for tax reduction and reform is the only way to achieve these goals.

• No doubt a massive increase in Federal spending could also create jobs & growth--but, in today's setting, private consumers, employers, & investors should be given a full opportunity first.
• No doubt a temporary tax cut could spur our economy--but a long run problem compels a long-run solution.
• No doubt a reduction in either individual or corporation taxes alone would be of great help--but corporations need customers and job seekers need jobs.