Word: excessive
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Dates: during 1950-1959
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...addition, the economy will be shored up by built-in stabilizers, e.g., unemploy ment compensation (which the President wants to broaden), social security, farm price supports. To give the economy a push, the excess-profits tax has been eliminated and the President has proposed a new business "incentive" tax program...
There is also cause for optimism in the tax cuts that go into effect this week. The 10% cut in personal income taxes will release $1.9 billion for consumer spending; the death of the excess profits tax provides a well-padded corporate cushion against a sales drop. Sales of General Motors, for example, could drop as much as 37% in 1954, and the automaker would still end up with net profits as good as in 1953. General Electric, even with some drop in sales, could boost its earnings to $7.50 a share this year v. an estimated...
Most of the excess was piled up in the first five months, with March leading with 11 inches. This was 1) the greatest amount for any month of 1953, 2) the greatest for any March of record, and 3) the third highest for any month of record. The 3.10-inch 24-hour rainstorm of March 29-30 set a new March record for 24 hours precipitation...
Taxes: Individual income taxes will be reduced about 10% on Jan. 1, as scheduled, and the excess-profits tax on corporations will expire. The Administration will ask Congress to cancel a 5% reduction in regular corporation taxes scheduled for April 1, and will propose a greatly expanded list of lower excise taxes to replace the present high taxes on a smaller number of items, e.g., purses and luggage...
...desired by everyone," said Under Secretary of the Treasury Marion Folsom, onetime treasurer of Eastman Kodak and longtime NAMster in good standing. "But taxes can be reduced further only as expenditures are reduced." Folsom saw little hope for big cuts in spending; in fact, said he, with the excess-profits tax expiring and personal taxes about to be cut, there was already the prospect of a $7.5 billion deficit next year. In view of that, the Administration would oppose the cut in corporate-tax rates (from 52% to 47%) and the elimination of some excise taxes, both slated for April...