Word: refundability
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...Voted to refund after the war 10% of corporation excess profits and surtaxes paid during the war and to put an over-all ceiling of 80% on their taxes...
...deducted from any excess-profits levy the corporation may have to pay. (The British also withhold at the source the minimum 50% personal income tax, but this is not a tax on business. Stockholders can deduct the full amount from their individual income-tax payments, can even claim a refund if they are tax-exempt...
...fifth of the British excess-profits tax gets refunded after the war, making the real British excess-profits tax 80%. The British adopted the 20% refund provisions last year when they found that their 100% levy was slowing down their war effort by depriving business of any profit incentive to produce...
...British let their corporations average their excess profits over the whole war period, promise a refund if the company earns less than its excess-profits tax base in some later war year...
...Continental Motors agreed to make a cash refund and price adjustments which will save the Government $40,000,000 this year...