Word: excessive
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Dates: during 1940-1949
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...their $1,382,100,000 contribution, corporations were nicked in two chief ways: 1) 6% was added to normal tax rates; 2) each excess-profits tax bracket was increased 10%. But it was not as simple as that. Some sections of the bill were less like a meat-ax than a complex series of revolving knives...
Tricks: Most striking innovation involved no change in the rates at all. It simply requires that excess-profits taxes be computed before normal taxes. (Previous law specified the reverse.) Since excess-profits taxes are 45 to 150% heavier than the normal taxes, putting them first means that the bulk of a corporation's income is hit by the higher rate, the remainder by the lower. By this flick of the wrist, the U.S. will get 3 to 15% more revenue than before...
Talk can jar markets, but it cannot stop a credit inflation. Base of U.S. credit is the excess reserves of the national banks which today total about $5,000,000,000, theoretically enough to blow up consumer purchasing power by at least another $35,000,000,000. Under the Banking Act of 1935, the Federal Reserve can raise its present reserve requirements by only one-seventh. This would still leave a $30,000,000,000 credit base for consumers...
Upsetting yesterday's prediction of a registration in excess of 1,100 students, the Freshman Class walked into Memorial Hall yesterday and carried off 997 brown paper envelopes...
After toying with the idea for years, Federal Reserve Board officials last week started a why-is-it probe to try to find the reason for this unexplained growth of cash in use. Meanwhile, private bankers made some guesses: 1) with income rising many a U.S. citizen is stuffing excess cash into mattresses, caching it in backyards, carrying it on the hip; 2) foreigners have been hoarding big bills ($50 and up); 3) the relative use of checking accounts has declined because of service charges...