Word: excessively
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Dates: during 1950-1959
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...Allen. "Whatever finally happens, about half of ... a [corporation's] contribution would be money that otherwise would go to the Government in tax." It has the familiar give-it-to-us-instead-of-to-the-Government theme which hospitals, universities and charities have been drumming since the big excess profits tax of World War II. But it was a strange argument to advance in the name of an Administration that was clamoring for more taxes...
...Corporate income taxes are increased from 25% on the first $25,000 to 30%, from 47% to 52% on the remainder. ¶ The excess-profits tax is boosted by lowering the "normal" earnings (exempt from the tax) to 83% of the 1946-49 base period instead of the current 85%. ¶ Whiskey taxes are raised 24? to 30? per fifth, beer $1 per barrel, cigarettes 1? per package, gasoline ½? per gallon, autos $50 for a light sedan. A new 10% excise tax is placed on power lawnmowers, home movie projectors, electric dishwashers...
Most surprising plank in the Tory platform was a promise to help pay for rearmament by taxing excess profits-a mighty radical proposal for Tories (but not as radical as the Socialist scheme to freeze all dividends). Churchill's Tories were plainly asking for a doctor's mandate: just trust...
...Even Britain's Laborites are beginning to doubt whether upper incomes can be squeezed any harder. Just before leaving for the U.S. (see INTERNATIONAL), Hugh Gaitskell, the Socialist Chancellor of the Exchequer, warned the Trades Union Congress at Blackpool: "If you took away from everybody in England all excess income above ?2,000 [$5,600], it would bring in only ?53 million...
...Most people will agree that if productivity increases with wages, then the increased wages are not considered inflationary . . . The General Motors type of agreement has greatly improved employee morale and attitude towards work. We did achieve an improvement in labor efficiency last year somewhat in excess of the 23% [wage increase] we granted the men. "I am personally convinced that, if there were no unions and no labor contracts like General Motors has in the auto industry, the increase in wages would already .have greatly exceeded what has occurred . . . For if we had a completely free labor market with...