Word: excessive
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Dates: during 1940-1949
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...excess-profits tax ought to be abolished, the tax laws altered so that there would not be any disadvantage in equity financing; social-security taxes should be kept down to a level where they would balance outgo...
...result of these and other miscarriages, only 6,221,000 tons-at an optimistic estimate-are available for total U.S. use this year (about 87% of last year's supply and 77% of 1941's). Worse still: because of excess consumption in the early months of this year, less than 47% of the civilian supply will remain for the last half of the year (which because of canning normally takes 55%). So there will be at least 30% less sugar available for civilians this fall than last...
Specifically, it recommended that: i) corporations be permitted to use last year's excess profits tax credit currently, to help pay 1944 taxes (saving: $830 mil lion); 2) after January i, corporations should be permitted to start cashing in their credits for 1943 and 1942. This would add $1.3 billion to business cash reserves for reconversion...
...effect, this would cut the maximum excess profits tax to 85% from now on. In the same fashion, refunds to corporations due under excess profits tax's "carry-back" provisions, originally designed to cushion industry against reconversion losses, would be put on a current basis (i.e. they could be taken in the year the losses occur). Estimated savings and rebates: $1 billion...
...Little Business. The committee urged one outright tax cut, primarily to help little business. The cut: a boost in the excess profits tax specific exemption from $10,000 to $25,000. Thus any busi ness making less than $25,000 a year would pay no excess profits tax. At one stroke, this would take from "one-third to one-half" of all U.S. businesses out from under the tax. Estimated tax saving: $160 million a year...