Word: profitable
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Dates: during 1940-1949
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With stunts such as a patrons' handicapping contest-a $5,000 prize awarded each Saturday to the fan picking the most winners-Lindheimer doubled attendance in five years, made a profit of $120,000 for his Washington Park Jockey Club last year...
...planning to lend it. Republic Aviation Corp. earned $842,161 compared with a $524,781 deficit for all of last year. Airlines continued their uptrend. United turned a 1939 first-half deficit of $202,962 into a $288,554 net profit; Eastern in creased net 102% to $733,926. But T. W. A., its pockets emptied buying Stratoliners, had a $390,680 deficit...
Choice No. 2 calculates excess profits as those in excess of the corporation's average rate of return in 1936-39, so long as they are not more than 10% on the invested capital. Hence all companies normally making more than 10% will probably prefer Choice No. 1. But Choice No. 2 also affords a floor of 4% below which no profit, however much improved over 1936-39, is counted as excess. Thus railroads, shipbuilders, other defense beneficiaries who have been close to or in the red, are given leeway before they feel the tax. If a company...
...Rates. Once the excess profit has been calculated, the application of the tax rate is still more complicated. There are three brackets-and the first two are figured not in terms of the excess, but in terms of the 1936-39 profit credit itself. Bracket No. 1 calls for a 25% tax on 10% of this credit. Thus, the company which averaged $100,000 from 1936-39, and made $150,000 in 1940, pays 25% on 10% of its $100,000 normal profit. This is 25% of $10,000, or $2,500. Bracket No. 2 takes another clip...
Objections to the bill were soon heard. Loudest came from Congress' left wing - Jerry Voorhis of California, Wisconsin's Bob La Follette. They thought it coddled profits instead of taxing them; they talked of boosting the top bracket rate from 40% to 82%. They also disliked Choice i, on the grounds that it would let slip the most profitable corporations. But their biggest objection was to the 20% depreciation allowance and the Vinson-Trammell repeal. Calling the latter "bribes" to induce manufacturers to do their duty under the Defense program, they would have preferred to hand business...