Word: excessive
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Dates: during 1940-1949
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Thousands of U.S. corporation lawyers last week were attacking in force at a seeming loophole in the U.S. tax laws. Their objective: to get back almost half an estimated $7 billion of excess profits taxes which their companies have paid to the government since 1940. This, very possibly, would double their annual profits overnight. The loophole: Section 722, a "relief" amendment which Congress had tacked on to last year's tax bill...
...passage of Section 722 was political fence-mending of a high and tricky order. In 1940 Congress had plastered U.S. corporations with a 40% to 60% graduated tax on their excess profits. In 1942 the tax took another drastic leap: henceforth a flat 90% of excess profits would have to be paid into the Treasury. Corporations began to scream that they were being milked unfairly; they pleaded that they would have no postwar reserves. At first Congress turned a deaf ear. But between the tax laws and the war there had arisen many inequities; some industries were unfairly scrunched...
Suburban real estate, like everything else in the U.S., is having a spanking fine boom. Demands and prices for homes are at record levels; mortgage loans are being made on appraisals far in excess of the long-term property value. Yet only a minority of observers see a repetition of the record real-estate panic of the early '305. This time the boom seemed on much firmer ground...
Write on your doors the saying wise and old, "Be bold! Be bold!" and everywhere "Be bold;" "Be not too bold!" Yet better the excess Than the deject; better the more than less; Better like Hector in the field to die, Than like a perfumed Paris turn...
...order to invest their idle funds. Thus this sort of "sale" of war bonds is a triangular bookkeeping transaction rather than any sponging up of inflationary cash; and it circumvents entirely Mr. Morgenthau's intention that the little man's spending money, along with business' excess funds, should be drained off into war bonds...