Word: excessive
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Dates: during 1940-1949
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...what was wrong with the new overall price ceiling (TIME, May 4). It would not work unless it were reinforced by the rest of the President's seven point anti-inflation program, especially farm price control, wage control, and the mopping up (by taxes and war bonds) of excess consumer purchasing power. And OPA last week estimated the excess purchasing power...
...completely orphaned than the profit motive. For fear it might be confused with its bastard cousin, profiteering, neither business nor Government has cared (or dared) stand up for it. Last week the House Ways & Means Committee prepared to abandon the orphan for the duration, reported favorably on a 94% excess-profits tax. For corporations in the highest bracket that means that every extra dollar of cost will actually cost only...
...stable businesses, and inefficient producers, the House committee's proposal was more lenient than the Treasury's, for its higher excess-profits tax (94% compared to 75%) penalizes efficient businesses that are getting ahead in the world and its lower normal and surtaxes (40% compared with 55%) lighten the relative tax load on businesses that are sot in their ways. The proposal of the National Association of Manufacturers, for a 100% excess-profits levy (TIME, March 23), was even more calculated to freeze efficiency and competition out of industry...
These are just a sample of the headaches OPA will get when it starts enforcing overall price ceilings and rationing more goods. OPA will get tougher, ride the limit on penalties ($10,000 fine and/or a year in jail). But bootlegging will still flourish, until U.S. excess purchasing power is sopped up at the source: with stiffer taxes, forced savings, credit controls. A fiscal problem needs a fiscal solution, or it is not solved...
Some help may come from lumber dealers, who have devised handy, prefabricated farm storage bins. And CCC may transfer from Iowa corn country some 17,000 steel bins used to store excess corn surpluses. (Big demand for hogs and alcohol have emptied these corn bins, which hold...