Word: carryback
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...after World War I (see chart] because the shock of disillusionment in the "postwar boom" was greater. Biggest shocker: the Pennsylvania Railroad would lose money this year for the first time in its loo-year history, unless it got a 25% freight increase (estimated loss: $14,616,000 after carryback tax credit...
...asking ICC for the boost, which all the railroads want, New York Central's Gustav Metzman also painted a dark picture. Said Metzman: even with the increase, the New York -Central will lose $18,652,000 next year, will have no carryback credits to soften the blow. Reason: the costs of wages and materials of rail roads, and all industry, have soared since war's end far beyond estimates...
...after hearings. And it will probably be whittled down to somewhere around 18% to 20%. ICC will probably point out that the roads are not as badly off as they seem, because: 1) the railroads, hard hit by the wartime excess-profits tax, will get large refunds under the carryback if taxable earnings drop sharply; 2) fixed charges will be some $100 million less than in 1941; 3) railroad debt has been steadily reduced during the war years...
...been given to labor's claim that it was fighting a sinister capitalist plot to destroy unions and break up the American system. Labor's charge that industry could and would sit on its haunches all year taking its profit from the "carryback" provisions of the tax law, was also shaken...