Word: excessive
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Dates: during 1940-1949
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Whatever the task, it must be done: lurking Nazi U-Boats recently sank as much as 1,000,000 tons of Allied shipping in a single month (TIME, Jan. 25), an annual rate actually in excess of the record-breaking 10,000,000 tons of merchantmen delivered by U.S. and British yards last year...
...price right up to the suburbs of New York City." Moreover, its advertisers will have to pay 10% more for space, reduce their space requirements on the average 10-15%. These changes, the News was quick to point out, will not result in "any perceptible net profits": excess-profits taxes plus higher normal rates on corporate income will take care of that...
...lower exemptions for income taxes to $1,000 instead of $3,000, 2) raise the normal tax rate from 2 to 4%, 3) start the mild surtaxes at $5,000 instead of $20,000, 4) raise the normal corporation tax from 2 to 6%, 5) tack on an excess-profits tax which seems beneficent by 1943 standards...
...push these deals through, young Odium had two big helpers: 1) experience gained from his financial-minded father, 2) the badly drawn excess profits tax law which penalizes companies with low peacetime earnings and limited invested capital, but helps oldtimers with large invested capital. An official proxy statement says that Great American has an "invested capital of not less than $30,000,000 . . . which means that at least $2,000,000 of net income is not subject to excess-profits taxes...
Black Sugar. Because the sugar ration is more than enough for most householders, the black market - and its source of supply - is confined largely to big industrial users at the wholesale level. Biggest buyers are illegal operators of stills. Biggest sources: coupon counterfeiting and industrial users who have excess sugar through false applications, undeclared inventories, etc. Most spectacular arraignment so far: New York City's ex-convict and bootlegger Waxey Gordon. Fortunately, U.S. Treasury Alcohol Tax Unit sleuths help it track down illegal sugar traffic...