Word: excessive
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Dates: during 1940-1949
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...fifth of the British excess-profits tax gets refunded after the war, making the real British excess-profits tax 80%. The British adopted the 20% refund provisions last year when they found that their 100% levy was slowing down their war effort by depriving business of any profit incentive to produce...
...begins assessing excess profits 5% below the pre-war profit level, so that, for example, a U.S. company whose pre-war earnings were $100,000 would have an excess-profits credit of $95,000 and would, therefore, have to earn $145,000 before its net, after excess-profits taxes, would get back...
...British let their corporations average their excess profits over the whole war period, promise a refund if the company earns less than its excess-profits tax base in some later war year...
...British try to make sure that only true war profits are subjected to the excess-profits tax. They permit corporations to base their excess-profits-tax exemption on the corporation's best pre-war year if it was 1935 or 1936, or on the most prosperous combination of 1935 and 1937 or 1936 and 1937. U.S. corporations have to take the bad years with the good...
...orchestra is unique this summer not only for its large content of clarinets and flutes, but also because the Summer School girls have invaded this traditionally male group for the first time. Moreover, it has piano talent far in excess of usability, and it has on tap a harpist with whom it will rehearse shortly. The weakness of the orchestra lies in a lack of double-basses, only one being now available...