Word: ept
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Dates: during 1950-1959
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...hope that the job would be finished in ten days. With that, Joe Martin could draw an easier breath; the first phase of his job was done, and not a drop of Republican blood had been spilled. At week's end the prospects were that the extension of EPT would be voted by the House. Said one House leader: "A week ago I would have bet you 20 to 1 there wasn't a chance of extending EPT. Now, once we get it on the floor, you won't be able to stop...
...evil arose in logical enough fashion. In World War I, the first excess profits tax was slapped on to prevent war profiteering. Its yield of $2.5 billion was big for those days, when a whole year's war budget was only $6 billion. In World War II, EPT's yield was tremendous: $28 billion, or 58% of all corporate taxes paid during the war. The tax again made a rough sort of sense because the bulk of industry was mobilized and fared equally under EPT. But when EPT was slapped on again in 1950, even...