Word: bracketeers
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Dates: during 1940-1949
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...income twice-once when it is received by the corporation and again when it is received by the real owner, the stockholder-makes no sense; 2) because it is unfair to tax millions of small stockholders at 40% and up on their corporate income when their in dividual tax bracket is much lower; 3) because high corporation taxes raise, some times pyramid, the cost of goods; tend to keep down wages, make investment so unattractive that much employment dies stillborn out of "tax considerations." To prevent use of corporations to avoid personal taxes, Ruml proposes a 16% tax on undistributed...
Said the Washington Post: "One of the many forms of tax avoidance encouraged by high wartime taxes is the establishment of private pension funds for highly paid executives." But top-bracket executives were not the only ones to benefit. U.S. industry is enjoying a boom in pension plans. Plans have flowered in one war-rich corporation after another, providing financial cushions for the old age of $30-a-week janitors, as well as $2,500-a-week movie stars...
...salary (Ford paid him $220,000 yearly) he got an option on a sizable chunk of Willys stock.* Thus he would pay only a 25% capital-gains tax on any stock profit, provided he held the stock six months, compared to about 80% income tax on such a high-bracket salary-the device made fashionable by Harry Sinclair and Spyros Skouras (TIME, May 29 and June...
...oldtime oilmen are caustically critical of Hawley's ventures. They complain that he is spending "tax dollars," i.e., cash made on war contracts, which would otherwise be paid in as taxes to the Federal Government. They point out that with Northern Pump probably in the overall 80%-tax bracket, Hawley stands only one-fifth of the loss in dry holes and Uncle Sam foots the bill for the rest. And the 20% he puts into a dry hole can be charged off against taxable income. Even when Hawley strikes oil-and the company's income is boosted...
Headache to Come? Wall Streeters viewed Sinco's latest fast financial footwork as a slick scheme to get a big raise in salary, while avoiding the enormous top-bracket taxes. By the stock deal he can increase his long-term capital gains, which are taxable at only 25%. Right off, he will net a profit of more than $30,000 in dividends (at the present rate), above the 3% interest he will pay the corporation on the unbought amount...