A significant fact pointing to Israeli involvement in President Kennedy’s assassination was Samuel Bronfman’s mysterious oil investments.
In 1963, the former bootlegger embarked on an unfamiliar business venture by aggressively purchasing the huge oil holdings of “Ranger Oil” and “Texas Pacific Oil” and its subsidiaries in India, Malaysia, Guatemala, Indonesia, and Italy. plus.
When John F. Kennedy became President in 1961, the oil industry felt secure. But he soon began an assault on the power of the oil giants directly, introducing the Kennedy Act, and shortly after 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.
By 1975, Texas Pacific had paid off its debt, while in the process its oil and gas reserves expanded phenomenally. A handsome legacy to Seagram, bought with only US$50M in borrowed cash, it was sold in 1980 to the Sun Oil Company for a grand total of US$2.3B.
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