Word: lumber
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Dates: during 1940-1949
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...your issue for Oct. 26, you state: "The Treasury had asked Congress to crack down on all such outfits (mine and lumber operators) by eliminating all depletion allowances." This is entirely inaccurate...
...Treasury made no proposals at all as to lumber. As far as mines (and oil wells) are concerned, the Treasury has never suggested that they should not be allowed to deduct the actual depletion sustained on the cost of the properties. The Treasury has sought to eliminate the present unsound, unfair and insidious allowance for depletion on the basis of a percentage of the gross income...
Besides this staff, Higgins has some plant, some materials and some promises. The plant includes a $100,000 shipyard structure which could be used for an aircraft layout room and office building; the materials are a three-year supply of lauan teakwood and pine lumber for plywood; the promises are that the War Department will supply most of the needed machinery. A. J. expects no labor shortage, plans to hire 80% women (50-50 white and colored). Lastly, he has a bagful of tricks which have already helped him win the Army & Navy "E." Samples: To fill a rush boat...
...British fired the shipyards, coal, iron, lumber and cement center of Kiel. Pathfinder planes overcame poor visibility by dropping hundreds of flares. The bombers followed with 4,000 tons of explosive-more hell than Kiel had caught in any of the previous 69 raids. Ten planes failed to return...
...important innovation was incentive taxes for mine and lumber operators. The Treasury had asked Congress to crack down on all such outfits by eliminating all depletion allowances. But Congress ignored this, deliberately introduced the idea of using incentive taxes to encourage war production-something business has often asked for. It exempted from excess-profits taxes all earnings from the mining of vitally needed antimony, manganese, tin, other metals. Lumber mills, coal and iron mines were granted exemptions based on increased output over...