Word: excessive
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Dates: during 1940-1949
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...something a weary Congress had often asked itself while Texas Jack was sunning himself in Uvalde. But it still had some jobs to finish: the last deficiency bill, the $1,469,000,000 supplemental defense appropriation, the Excess Profits &-Amortization Bill. Conferees had ironed out differences between the House's version of the Excess Profits Bill and the Senate's. Congress hoped to pass it this week. Passed by the Senate and sent to conference was the Ramspeck Bill, which permits the President to fold into the Civil Service system approximately 200,000 Government employes through noncompetitive examinations...
...bill was in trouble from the day it was written. To the Treasury, taxable excess profits meant any & all profits above a certain return (say, 4% to 8%) on invested capital. The House subcommittee which drafted the original bill softened this concept (which is hard on small corporations that use little capital in proportion to their earnings) and confused it. As an alternative, the subcommittee added what was in effect a war-profits tax-a tax on profits above the average of three or four pre-tax years, the increment being supposedly attributable to the defense boom. For the sake...
...interest from all future issues of Federal, State and municipal bonds. Senator Brown, a liberal Democrat who is not always a New Dealer, headed a special Senate committee which has been studying the question of tax-exempt bonds all year. Fortnight ago his committee reported, and Brown seized the Excess Profits Tax debate as a good time to bring its conclusions to the Senate's attention. A long-needed tax reform, which was promised in the Democratic Chicago platform, the ending of tax-exempts was strongly opposed by Senators Austin, Burke and 42 others, who managed to defeat...
...time the hard-breathing Senate was through with the bill, it was scarcely entitled to be called a tax on excess profits. It looked capable of forestalling any "war millionaires" mainly by immobilizing their accountants. What conferees might do to it this week, none of them knew or much cared. Most of Washington conceded that, whatever passes now, an entirely new tax bill will have to be written next session...
Then the technicians went to work. For seven and a half hours they compared decimal points : provisos for excess-profits-tax bills, Canadian taxes, similar economic brain-crackers. They also discussed English Economist John Maynard Keynes's plan for curtailing workers' current wages by giving them a prior mortgage on postwar consumption. This evoked as clear a statement of the anti-New Deal position as the meeting produced. The evoker: Guaranty Trust Co.'s Garner, who said: "You are going to have to pay back the fellows from whose wages you get the money. Who is going...