Word: excessive
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Dates: during 1940-1949
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...When war began, the normal corporation income tax was 18%. Under the tax law now in effect, corporations pay a normal income tax of 24%, plus as much as 50% on excess profits. The new bill will hit them even harder...
Joint returns were dead as far as the committee is concerned. Also dead was the Treasury plan to abandon the average-earnings base in computing excess profits. The committee might shave surtaxes for the $5,000 to $20,000 group, will probably add some new excise taxes if only to have them on hand as bargaining points in wrangling with the House over broadening the income base. By merging last year's special defense tax with the surtax rate, the committee proposed to increase the lowest surtax rate from 5% to 6%, readjust upward the rate for higher brackets...
...bootstraps, raised a powerful army, made up for her loss of the Louisiana oil fields by making new strikes in Texas. "The State had undertaken also a gigantic scheme of physical culture. . . . The birth rate in Kotmk had risen to a point where it was far in excess of more prosperous Almat. The vigor of the young people of Kotmk was so pronounced that medical authorities all over the world held [it] up as the finest ever devised in the strengthening of the race...
...scarce materials than they admitted. (They had enough to turn out 45,600 units last fortnight, more than twice the output in the corresponding 1940 week.) There was also a faint hope that OPM's new plans for getting real figures on short metals inventories might reveal large excess supplies (in the hands of farsighted manufacturers)* that could be reallocated...
Taxes were most obviously to blame-chiefly the excess-profits tax, which feeds on the aircraft industry's low pre-war profits and small capitalization...