Word: excessive
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Dates: during 1940-1949
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...stated that "about" 24 out of a fleet of 60 refrigerator ships which had plied from New Zealand to Britain via the Panama Canal had been sunk. Said Dairyman Goodfellow: "There are several million carcasses of mutton and lamb [in New Zealand warehouses] awaiting shipment. We also have an excess of 20,000 tons of butter-with a new season's make coming on." The immediate need: 20 refrigerator ships. If Dairyman Goodfellow's case was typical of all of Britain's food-suppliers, then sinkings were taking on a new and more dangerous threat. How could...
Profits of the long downtrodden railroads (TIME, April 7) rose even faster than steel earnings, almost trebled in the first quarter. Reasons: 1) carloadings were up 25%; 2) the tax-weary carriers got their first tax break in years because all but a few will escape the excess-profits levy entirely...
...Treasury's tax proposal would in effect increase the regular corporation tax from 24% to 30%, to raise $534,500,000 extra. It would also crack down much harder on "excess profits" by reducing exemptions on the invested capital basis from an 8% return to a 6% return, by cutting exemptions on the earnings basis from 95% of 1936-39 earnings to 75%. This would cost business $400,000,000 additional. The two changes represent about a third increase in taxes on corporate profits...
Only businesses which will escape are industries with enormous capital invest ments and bad earnings records - meaning, above all, the railroads. Most of the carriers can multiply their profits before they reach the excess-profits minimum...
...most companies, the projected excess-profits tax (along with the in creased regular corporation tax) now will take 65% of all earnings over a consider ably lowered base exemption...