Word: escrowed
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...Kessler, Charles Kessler and Louis Feldman sued U. S. meat packers for some $33,000,000. They wanted some $20,000,000 from Armour & Co. and Swift & Co., the remainder from 28 smaller packers. The amount claimed represented part of the processing tax money which had been put in escrow pending the Supreme Court's decision on the constitutionality of AAA (TIME, Jan. 20). When that question was inexorably answered in the negative last month, packers (in Chicago and elsewhere) promptly recovered taxes totaling some $50,000,000. Meanwhile processors of other farm products
Actually the Court mopped up only Question No. 1. It ordered that processing taxes paid in escrow to the courts be returned. On the right of processing tax payers to sue for recovery the court was silent. The Bankhead Act case was dismissed on technical grounds...
...Escrowed taxes, which the Supreme Court ordered returned last week (see p. 17), may prove something of a headache. It is highly unlikely that the corporations which will share this $200,000,000 windfall will be able to add it to surplus without a mighty howl from their customers. In innumerable lawsuits the customers will probably demand rebates on goods purchased since the seller started to pay his tax into escrow...
...Government begar collecting a pork-processing tax. Set at $2.25 per cwt. of pig slaughtered, the tax yielded $255,000,000 by June 1935. Then packers went to court, got injunctions against further tax collections until AAA's constitutionality could be determined. The special tax funds, in escrow, awaited the Supreme Court's decision. Last fortnight the AAA became the late AAA. Last week the Supreme Court ruled that impounded processing taxes must be returned to tax payers (see p. 17). So happy packers had no more processing taxes to pay, also had a large refund coming...
...Last autumn Secretary of the Treasury Morgenthau charged Publisher Bowles with hoarding $94,860 in gold. The publisher contended that the gold was in escrow, with the Government's knowledge, to pay for newsprint imported from Finland. Last month the Treasury settled the case, had the charge dismissed...