Word: excessive
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Dates: during 1950-1959
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...staff he abandoned plans to appear personally before a joint session. But he sent word by his leaders that he wanted: statehood for Alaska and Hawaii; $14 billion more for defense, for a total this year of $43 billion; a $4 billion tax bill with a 75% bite on excess profits (see BUSINESS); $250 million more for the H-bomb; extension of rent control, which expires on Dec. 31, unless Congress acts; and up to $75 million to feed Tito (see above). It was a program to keep even a regular session at work for months...
...days of open hearings, the House Ways & Means Committee had heard 100 witnesses denounce the Administration's proposed excess-profits tax as unworkable. But for all the impression they made on the committee's Democratic majority, they might just as well have been hollering down a well...
...notice. He was Congress' own tax expert, Colin Stam, a career man respected alike by Democrats and Republicans. Since Stam testified at a closed session-and kept his mouth shut afterward-there was no detailed report on what he had said. Republicans said he had testified that any excess-profits tax which siphoned off more than $2 billion-exactly half of what President Truman demanded-would be dangerous to business. Democrats denied this; they said Stam had merely pointed out that no excess-profits tax could siphon off $4 billion without taxing some "normal" earnings as well...
Whatever Stam's exact words were, they gave the committee pause. Sentiment grew for a compromise bill that would combine a mild excess-profits tax with a slight boost in the regular rates on corporation income...
Cheered by talk of an early end to the Korean war and fading chances for the excess profits tax in the lame-duck session of Congress (see above), the Dow-Jones industrials rose to 235.47 (up 4.8 points in a week), the highest since the autumn of 1930. The rails rose to 71.06, highest since 1931. The New York Herald Tribune's closely watched average of 100 stocks finally broke through its 1946 bull market high of 137.45, and reached 137.63, also the highest since...