Word: bitingly
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Dates: during 1950-1959
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...first nine months, said General Motors, 76? of every sales dollar went to pay its employees and suppliers (see chart); more than 15? (and 3? for every cent of net profit) went for taxes. During the third quarter, the tax bite under the new tax bill was huge, but not as big (on an annual basis) as it looked. G.M., like many other companies, set aside enough in the third quarter to pay all of the retroactive tax increase to date. Thus the tax boost ($30 million) was three times as big as it will be in future quarters...
...booming aircraft industry felt the tax bite; Consolidated Vultee's after-tax net dropped from $3,200,000 to $1,700,-ooo, Douglas' from $2,200,000 to $1,500,-ooo. Other notable declines: Libbey-Owens-Ford's nine-month net fell from $22 million to $12.8 million; R.H. Macy's yearly net fell from $6,400,000 to $5,200,-ooo (in spite of a $29 million rise in sales); Western Union's eight-month net dropped from...
Everybody had known that the excess-profits tax, and the retroactive boost in the new tax bill, would nip profits. But few realized how deep the bite would be until G.E.'s President Ralph Cordiner last week provided the first blue-chip example. G.E., which had set aside $38.5 million for taxes in last year's third quarter, this year had to set aside $59 million to take care of a retroactive boost to Jan. i. As a result, in spite of a $36 million gain in sales, G.E.'s net ($15.6 million) was less than half...
...bite...
Salami for Chocolate. The Czech returnees, still glowing from their unexpected lark, had started their trip back in high holiday mood. They were given a royal send-off by G.I.s, who loaded them with chocolate bars and good wishes. They were careful to bite each bar in the hope that Czech customs men would find the candy less appetizing that way. On the other side of the border, Communist officials and newsmen were lined up to greet them. "You must be so happy to be back again," they exclaimed, "after the terrible way the Americans treated you." "Yes," said some...