Word: excessive
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Dates: during 1940-1949
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Hitherto all severe excess-profits taxes in the U.S. and Britain have avoided this pitfall by allowing businesses the alternative of computing their normal profits on the basis of an average of past earnings. But Henry Morgenthau sees business only in terms of dollars, not in terms of work and enterprise...
Under the type of excess-profits law which he has proposed before and is now going after again...
Following on the heels of today's preliminary meeting there will be seven weeks of conditioning exercises in the Special Exercise room, aimed at paring off excess weight gained during the summer, and stretching and developing sets of swimming muscles...
...Excess Profits: Bitterest fight in Congress was over the Treasury's demand to junk the average-earnings method of figuring excess-profits taxes. The Treasury lost. But the definition of "excess profits" was changed for companies using the investment-capital option: they must figure their excess-profits credit (formerly a uniform 8% of capital) as a 8% return on the first $5,000,000 in capital, 7% on the balance...
...average-earnings provision is little changed, gives corporations an excess-profits tax credit equal to average annual earnings in the four years ended 1939. For these concessions, however, Congress exacted a fee-excess-profits taxes were jumped 10% in each bracket, now run from 35% on the first $20,000 of excess profits to 60% on everything over...