Word: morgenthau
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Dates: during 1940-1949
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Undaunted by these startling figures, last week Treasury Secretary Henry Morgenthau Jr. (see p. 77) journeyed to Chicago, told a meeting of the American Bankers Association that the new tax law is only "a good start," that next year's tax bill "will have to be a genuinely all-out bill, a ... levy upon all in accordance with their ability...
Hitherto all severe excess-profits taxes in the U.S. and Britain have avoided this pitfall by allowing businesses the alternative of computing their normal profits on the basis of an average of past earnings. But Henry Morgenthau sees business only in terms of dollars, not in terms of work and enterprise...
Boos & Catcalls. Congressmen, somewhat closer to business facts than Henry Morgenthau, reacted to the Secretary's proposal with cries of rage or the chill of absolute indifference. Nearly every Representative could point to at least one humming business in his own district which would be completely ruined if all returns over 6% of its puny original stake went to the Government. Democrats and Republicans alike were indignant. Everyone, in & out of Congress, agreed that no decent business in 1941 wants to make a fortune out of World War II, but neither did the U.S. want to make its ablest...
Secretary Morgenthau, still looking shyly at his hatchet, admitted that "possible inequities" inherent in his proposal would have to be ironed out. Washington observers still expected that Congress, holding its nose as usual, would tie the usual rock to the Secretary's proposal. No one doubted that Mr. Morgenthau, with his incorrigible coupon-clipping conception of economics, would bring his little hatchet out again...
This week Marriner Eccles urged the committee to write in wage and farm control, promised inflation if they did not. But Donald Nelson and Henry Morgenthau Jr. both testified against wage control last week. The farm bloc, meanwhile, rounded up enough committee votes to take farm prices out of the bill altogether -or failing that, at least to raise the ceilings to 120-125% of parity. Even before it reached the floor, the Price Control Bill was a sorry joke...