Word: excessive
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Dates: during 1940-1949
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Last week, as 1940 corporation earnings reports came out, Wall Street's judgment proved correct on one score: Profits were not keeping pace with production. To steelmakers and railroads, whose heavy capitalizations give them an advantage under the excess-profits tax, 1940 was a banner year (TIME, Feb. 10). But many a consumer industry found it a year of record sales, record costs, record taxes, and only moderate profits...
General Motors' preliminary report showed that earnings before income and excess profits taxes were largest in its history, $320,600,000 (1939 figure: $228,142,412). So were estimates of its sales: around $1,650,000,000. But so was its tax bill: $125,100,000, compared to $44,852,190 in 1939. So were wages: up 20% to an average of $1,804 for hourly-rated workers. Hence net income rose only about $12,000,000 to $195,500,000, a figure which G. M. has surpassed twice in the last ten years...
Would it not be a long step towards paying the bill for national defense if the 435 Representatives and the 96 Senators were removed from the payroll for the duration of the dictatorship? There should be a saving in excess of $100,000,000* annually in actual cash expenditures besides the savings incidental to the elimination of mileage, franking, secretaries...
...this is true. However, Mr. Scherman has found only one of the numerous Ethiopian tribesmen in our gold pile. The New Dealer's inflation which lie fears would at least come by wilful choice; but the tremendous excess reserves now in the banking system could just as easily finance a major boom which both Treasury and Reserve Board would find hard to combat. And experience has proved that in time of crisis the government disbursements, for defense or for relief, will be financed by any and every means available. Issuing billions of dollars of modern Liberty Loans...
...particular proposals for incentive taxation to encourage production, the executives gave three substantial votes of approval: revise the excess-profits tax to exempt profits up to 5% of a company's gross, apply a sliding scale thereafter (favored by 43.3%); tax land improvements at a lower rate than land itself (40.1%); tax income from bond interest more than income from dividends (33.9%). Altogether 78% voted for at least one of the five incentive taxation proposals, more than 50% voted for two or more. If Business was willing to swallow more & bigger taxes, it also wanted a new conception...