Word: excessive
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Dates: during 1940-1949
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Last week the most mismanaged bill of the 76th Congress passed the Senate. Few Senators understood it; none liked it. Neither did anybody else. The bill was an important one-an Excess Profits Tax Act. Last month Senator Pat Harrison, chairman of the Senate Finance Committee and the nearest thing to a friend the bill has, called it the "most intricate tax bill ever presented to Congress." At that time it was 96 pages long. By last week it had grown to 489 pages, weighed 1 Ib. 7 oz. without binding, and had progressed from intricacy to metaphysics. Senator...
...same prophecy has been made weekly for six weeks. For the Excess Profits Tax, though nobody likes its present shape, is a defense "must." Franklin Roosevelt has declared that U. S. rearmament must make no new "war millionaires." He therefore attached an excess-profits tax, like a price tag, to two other pieces of defense legislation that businessmen, the Defense Advisory Commission, the Treasury, the Army & Navy all wanted: 1) repeal of the Vinson-Trammell Act's profit limitation on plane and warship orders; 2) permission for defense manufacturers to amortize new plants (for tax purposes) in the short...
...Trends. Because the U. S. still has a disproportionate number of young people, the country will still have an excess of births over deaths for a number of years. At present births are somewhat above replacement level. But since the trend in the birth rate has been downward for the past hundred years, in a generation births will be from 20 to 35% under re placement level. The elements of a popu lation program are contained in the Gov ernment's interest in public education, housing, recreation facilities, health & welfare organizations - all of which lessen the economic burden...
...short, defense production would be held up until Congress 1) put up a reason able excess-profits tax on all industry, instead of the present limitations on some defense contracts; 2) assured manufacturers that new plants built for defense would not be taxed after defense business stopped. Last week Congress continued to dally with these measures. But Messrs. Arnold, Towers and fellow officers made it painfully plain that there were still other reasons for delay...
...were down 22%. Allowing for depreciation of approximately 20% in the exchange value of the pound (which would increase the value of imports), this indicated a fall of 9% in the volume of imports-no great tribute to the effectiveness of the German U-boat and air blockade. The excess of imports over exports for the eleven war months was $2,183,200,000, or $832,000,000 more than for the corresponding period in 1938-39. Considering the depreciation of the pound, this also was not great. Since British exports to Europe have practically ceased, the export figures showed...