Word: refundable
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Dates: during 1940-1949
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...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...
...Continental Motors agreed to make a cash refund and price adjustments which will save the Government $40,000,000 this year...
Bill Jack, far from chopfallen, announced a new policy: a refund to the Government of profits above 6%; no more executive bonuses and no dividends for the duration...
...solely on invested capital, in effect recapture all profits (whether "war profits" or not) above 6 or 8%. But Congress has thrice rejected the idea, and this week the Treasury let the sleeping dog lie-for the time being. Instead, adopting a British idea, it proposed a post-war refund of profits taxes in excess of 80%, for expenses of conversion to peace...