Word: excessive
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Dates: during 1940-1949
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...change his mind. For the first time, and only in Michigan, the right people are buying his defense bonds. Main objective of defense bonds was to sell huge amounts of Series E bonds and defense stamps (face value: 10? to $1,000) to individuals, thus siphon off excess buying power and postpone inflation. Through June 30 (latest available figures), national bond sales were $713,668,000, a satisfactory total. But of this total, banks & trust companies bought about $460,000,000 in Series F & G bonds (face value: $100 to $10,000), because the 2½% return was higher than...
These links will provide 200,000 more kw. (for example, by bringing Florida's current excess power to needy Georgia)-about equal to the current capacity of giant Wilson Dam, but a mere stopgap in relation to the South's increasing needs. FPC says these links can be built in six months; others say material shortages may mean it will take two years. OPM indicated that priorities would be granted wherever needed. An eighth interconnection-between TVA and Cincinnati Gas & Electric Co.-was "recommended" (FPC is wary of "ordering" another independent Government agency to do anything...
Stam Taxes. During the Committee's hearings on corporation taxes, a battle blew up between Congress and the Treasury: John L. Sullivan,* Assistant Secretary of the Treasury, wanted an excess-profits tax based entirely on the rate of return on invested capital...
...bill, as shaped by the Committee, would up corporation taxes to a staggering $4,354,200,000. It not only would impose the first surtax ever levied on corporate income: 5% on surtax net income of $25,000 or less, 6% on anything over that. But excess-profits taxes will start at 35% (instead of 25%), rise to 60% (instead of 50%), and, most important of all, will be calculated before instead of after deducting normal taxes, thereby greatly increasing the levy. Moreover, the present 8% credit on invested capital is cut to 7% on capital over...
...present ratios of aircraft with the Fleets, plane deliveries and increases in pilot personnel will soon outstrip the surface Navy. Admiral Towers knows what to do with the excess planes and pilots: create complete reserve crews and squadrons. Flying boats stay in the air as long as 30 hours, fly 4,000 miles and more on single hops. Back at their bases, refueled and checked, the planes are ready to go again before their tuckered-out crews are rested. Admiral Towers would like to have two and even three crews for each boat. Similarly, he wants to have complete reserve...