Word: excessive
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Dates: during 1940-1949
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More Sense. Congress likewise showed sense in setting normal, surtax and excess-profits tax rates low enough to leave corporations some financial incentive to keep down costs and turn out more goods. The Treasury's proposed 55% normal-plus-surtax rate (on corporations with more than $25,000 incomes) was hammered down to 45% in the House, down to the Senate's 40% in the final draft. Excess-profits tax rates soar up to 90% but the conference adopted the Senate proposal providing that no more than 80% of any company's net income shall be taken...
...incentive taxes for mine and lumber operators. The Treasury had asked Congress to crack down on all such outfits by eliminating all depletion allowances. But Congress ignored this, deliberately introduced the idea of using incentive taxes to encourage war production-something business has often asked for. It exempted from excess-profits taxes all earnings from the mining of vitally needed antimony, manganese, tin, other metals. Lumber mills, coal and iron mines were granted exemptions based on increased output over...
...bill also provides that corporations: 1) may carry back net losses and unused excess-profits tax credits for two years (thus some corporations will be entitled to rebates); 2) may buy back bonds below par without paying taxes on the paper profits; 3) can be sure that war contracts when renegotiated once shall not be reopened again; 4) will not have to pay an extra $750,000,000 annually in Social Security levies as urged by the Treasury, which wanted them upped to 2% from the present...
...With an excess of ammunition tucked away in their cartridge belts, West Point's Cadets did not need to praise the Lord last Saturday afternoon in order to ring up their fourth consecutive victory this season and their first against Harvard since 1938 by a score...
...Concerned only with millions," the re-negotiation policy attempts to recover excess profits for the government by a reconsideration of all the contracts of a company. According to Saunders, this scheme avoids the pitfalls both of requiring individual consideration of each contract and enforcing conformation to a general rule...