Word: deductions
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...buying compulsory. But the flood of money in the country has risen dangerously high. The Wall Street Journal had the idea-of-the-week: dangle the profit motive in front of income-earners. Encourage petiple to hand over their cash to the Government, suggested the Journal, by letting them deduct from their income taxes 10% of every dollar they invest in defense bonds. The Journal thought that thus the Government could 1) sell plenty of bonds to cheerful buyers, 2) perhaps even get away with paying no interest...
...Whitney, John Hay Whitney's exwife, and Gwladys Hopkins Whitney, ex of Cornelius Vanderbilt Whitney, helped form a lobby in Washington against a proposal to tax ex-wives for the alimony they get and let ex-husbands deduct the alimony they pay. Dropped once, the measure is due to reappear. Camel-lipped Character George Arliss appeared before the Lord Mayor of London, was fined $18,000 for not registering with the Bank of England some $52,000 worth of U.S. and Canadian securities. The onetime portrayer of money-wizard Rothschild said he was an innocent in money matters...
...National Defense Mediation Board stepped into the dispute and recommended "maintenance of membership" as a compromise. This would require present and future voluntary members of the union to keep in good union standing as a condition of employment; the company would deduct union dues from wages; but no one not in the union had to join. Twice the union rejected the plan, finally accepted...
Despite the production boom, stock prices never have climbed back to the level from which the Lowlands Blitzkrieg toppled them last May. Thus many a shareholder had paper losses this month on stocks bought before the May collapse. To deduct them from his 1940 taxable income, he had to sell the shares, turn his paper losses into real ones. He then could deduct his short-term losses (on securities held less than 18 months) from short-term profits taken on other transactions this year, carry any net loss over to deduct from next year's short-term profits...
...those in excess of a corporation's average yearly earnings (after normal income taxes) from 1936-39. Thus, if a company averaged $100,000 a year in those years, and makes $150,000 in 1940, $50,000 is ascribed to the Defense boom, called "excess." From this is deducted a "specific exemption" (for the benefit of small business) of $5,000, leaving $45,000 subject to the tax. And if the company invests any new capital, it may deduct 8% of its new investment from the $45,000 (regardless of how much it makes or loses...