Word: excessive
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Dates: during 1940-1949
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...provided for a total tax reduction of $5.3 billion (some $300 million more than Vinson had suggested). It also extended to all levels the relief which the Treasury plan would have concentrated mainly in the lower brackets. The committee also rejected Vinson's proposal for repeal of the excess-profits tax on corporations. Instead it substituted a cut from 85½% to 60% and a promise of total repeal...
...passed Manhattan's Chase National Bank in the third quarter. But old A.P. could not prove it until last week. Then Chase published its figures and made it official. The figures: Bank of America's total deposits, $4,750,000,000; total resources, slightly in excess of $5,000,000,000. Chase's total deposits, $4,620,618,000; total resources...
...would repeal the 3% "normal" income tax, thus eliminate some 12,000,000 low-income Americans from the collectors' lists and lower the collectors' take from many more millions of middle-income earners. It would also repeal the 85.5% excess-profits tax on corporations and would end (on July 1, 1946) the high wartime excises on furs, jewelry, transportation, cosmetics...
...when war came, the beet men could not live up to their promise. In 1942, labor shortages and high costs drove production down. By the end of this year the cumulative loss may be in excess of 2,000,000 tons. Thus the U.S. was forced to turn to Cuba to try to make up the difference. Until the drought, Cuba fortunately produced sugar far in excess of her peacetime quota. Now, the only hope for an end to rationing lies in the ability of Cuba to produce a bumper crop this spring...
...excess profits tax be repealed, although the carry-back of unused excess profits tax credits be retained for two years...