Word: excessive
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Dates: during 1950-1959
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...Passed the $3.4 billion excess-profits tax bill through the House (378 to 20), and studied it in the Senate...
Although NAMsters were against the Administration's excess-profits tax, they were ready to go along with a boost in corporate and other taxes. Some of them, notably Lewis H. Brown, Johns-Manville board chairman, talked as tough about taxes as anyone in Washington. He asked for a $25 billion hike to help combat inflation and balance the budget...
...this week the congressional chorus began to march on the stage to take an active part in the show. From the House Ways & Means Committee came the Administration's excess-profits bill, voted out over the fruitless protests of Republican members, economists and businessmen (see BUSINESS). But in the atmosphere of crisis, Administration leaders predicted that they would drive it through to early passage...
After three weeks of public and private wrangling, the House Ways & Means Committee this week sent its excess-profits tax bill to the floor. The bill was not quite what the Administration wanted. It would raise somewhere between $3 billion and $3.4 billion at current tax receipts, as against the $4 billion asked by Treasury Secretary John Snyder. It called for a levy of 75% on all earnings above 85% of a company's average profits during its three best years between 1946 and 1949. The tax would be retroactive to July 1, 1950. No more than...
Though Republicans still called the measure "a pig in a poke" and "as imperfect as a bill can possibly be," the turn of events in Korea had improved its chances of passing. The House was almost sure to approve. Even the Senate, which has been dead set against an excess-profits tax in this session, might put a tax of some sort through by Christmas...