Word: morgenthau
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Dates: during 1940-1949
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Like a naked schoolboy on the edge of summer's first plunge, Congress last week stood shivering on the brink of a new tax bill. For four weeks the House Ways and Means Committee had stared bleakly at the dark waters into which Secretary of the Treasury Henry Morgenthau (TIME, May 5) gloomily urged them. One day they closed their eyes, held their noses, and jumped...
When they came up, gasping, what they clutched in their threshing hands was not quite the fearsome bill outlined by Mr. Morgenthau. Instead of the $1,517,100,000 new taxes on individual incomes proposed by the Treasury, the Committee asked for $1,360,300,000. But they more than made up the difference by jumping the Treasury's proposed $933,500,000 increase in corporation taxes to a whopping $1,255,200,000. It was, in short, the steepest tax bill in U. S. history-steeper by $164,900,000 than the amount Mr. Morgenthau had suggested...
...doing, he took a long-considered step toward war that he had long hoped could be avoided. Only a fortnight back, Secretary of the Treasury Henry Morgenthau, who for months had urged the President to take the step, virtually conceded that his freezing plan had been abandoned. Pressed to explain, he said it was too late: "The barn is empty. The horse is gone." Asked whether it was "a very big horse," Mr. Morgenthau sadly answered: "Well, it was larger than a Shetland pony...
Though Mr. Morgenthau's horse had been spirited away, the barn was not completely empty. Washington estimated that Germany and Italy together still had investments amounting to some $300,000,000 in the U.S., not counting hidden assets...
...Morgenthau retorted: "Congress has been complaining about being a rubber stamp. Why do they have to be told? Why don't they take the initiative? They are elected by the people for the purpose...