Word: excessive
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Dates: during 1940-1949
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Elastic Stop Nut Corp. of America, which paid more than $10 million in 1943 excess-profits taxes, is one of the nation's lustiest, most publicized war babies. In eye-stopping two-color ads, the company has dramatized its principal product, a patented, self-locking nut, has regularly claimed "more Elastic Stop Nuts on America's war equipment than all other lock nuts combined." But last week the company was struggling to put a stop lock on its troubles...
When Congress saddled U.S. corporations with the excess profits tax of 1940, it also vaguely promised relief, in famed Section 722, for those unfairly whacked. Under cover of 722's foggy wording, 34,000 corporations have filed claims for $12 billions paid in excess profits taxes. In an earnest attempt to clear away the fog, the Bureau of Internal Revenue issued a 210-page booklet. It told businessmen how they might try to get their money back...
...terms under the law were hard. Claims can be made under 722 only if a corporation can prove that the base period income on which excess profits taxes are computed (either invested capital or "average" earnings) has been unfairly set. Under 722 the Bureau will consider readjusting the base for the "average" period, 1936-39, only if earnings were subnormal because of: 1) flood, fire, etc.; 2) a temporary economic upset such as war-caused material shortages; 3) an unusual profit cycle for the corporation, differing materially from the regular business cycle; 4) changes in products, capacity, etc., which...
Last week, the War Production Board got sizzling mad at Marshall Field's New-Dealing Chicago Sun, which campaigned hotly for the fourth term. Grated WPB: "During the second quarter of 1944, the Chicago Sun used or caused to be used 886.89 tons of print paper in excess of the quota. . . . The violations were willful. This excessive use of paper . . . has hampered and impeded the war effort of the United States of America...
...plan is psychologically dangerous; because you can't force people into virtue. It's technically too difficult to administer." Dr. Johan Beyen, Dutch delegate to Bretton Woods, said Holland plans an orthodox savings drive to sop up inflationary cash, stringent wage & price controls and a retroactive 100% excess-profits tax to grab wartime profits. But most of all Holland stresses what other Governments have ignored-heavy taxes, to bring its budget under control, the step which all European countries must take sooner or later to stabilize their currency. Buying power would thus be brought more in line with...