Word: excessively
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...should raise $4 billion in additional revenue, said Snyder, and he outlined a way to do it. His plan: use the average profit for the best three years of 1946-49 as an excess profits tax base. On 75% of the average profit, levy the present 45% corporate tax. On the remaining profit, levy a 75% excess profits tax. Even as he offered it, Snyder squared his conscience by making a fine distinction. He insisted that his plan was not a "recommendation" but a "suggestion." Snyder conceded that even his "suggestions" contained "inequities," that relief would have to be provided...
...Expensing the Excess." If Snyder was a lukewarm advocate, several onetime New Dealers were passionately opposed to the tax. Ex-OPA Boss Leon Henderson, now a businessman's consultant, termed the tax "a built-in barrier to new investment." War profits, said Henderson, should be kept down by constantly renegotiating military contracts. He insisted that World War II's excess profits tax had not caught profiteers: "Only one out of every six corporations that earned any income paid an excess profits tax . . . No statistician will ever figure out how many corporations escaped E.P.T. by the simple device...
...penalizes new and growing businesses. Under it, said Griswold, "many new industries that might otherwise be born will never see the light of day." But the New York Times laid its editorial finger on the most glaring inequity of E.P.T. President Truman had asked for the tax to "recapture excess profits made since the start" of the Korean war. But Snyder's proposal, the Times pointed out, regards one-fourth of pre-Korean profits as "excessive." Snapped the Times: "This should not be called a war profits tax at all, but a tax on the housing, auto and television...
...their own, e.g., higher corporate income taxes, flat across-the-board profits levies. On the committee itself, New York's Republican Representative Daniel A. Reed tried to offer a plan to permit corporations to choose between a flat 55% corporate income tax or Snyder's 75% excess profits levy. But Chairman Robert Lee ("Muley") Doughton, 87-year-old North Carolina Democrat, refused to listen to any alternatives, insisted that Congress had given him a "mandate" to report out only an excess profits tax in time for the lame duck session...
Republican House Leader Joe Martin conceded that some kind of an excess profits tax would pass the House, but predicted it would not get by the Senate in the short session...