Word: refundable
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Dates: during 1940-1949
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...earnings and extra-fat current profits this means a real saving over the top 1942 rates. Furthermore, companies who figure their excess-profits tax exemption on average earnings in 1936-39 are given relief if one very bad year brings down the average. Finally, every corporation gets a refund after the war of 10% of its excess-profits tax payments...
Admittedly the 1942 Revenue Bill is not at all bad. It has commendable features such as the collection at the source of the "victory tax" and its refund provisions. But for the times it is dangerously inadequate. When the nation needed a fair, realistic tax bill Congress yielded but little. All the old jockeying and log-rolling accompanying any peace-time legislation were the tools that produced what was supposed to be a statesmanlike, toothy war bill. But undoubtedly in a few months it will have to be scrapped for a warlike measure...
...features in the current drive are the innovation that each House will sell two days out of every week, and cooperation by the H.A.A. which will refund over-payments for tickets in war instead of in postage stamps...
...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...
...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...