Word: surpluses
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Dates: during 1920-1929
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...arithmetical illustration," he explained, "will make the point clear. If the volume of traffic, upon which the rate increases were based, is taken at 100, the operating expenses at 70, the taxes at 5, and the interest, rentals and other charges as 15, the remainder of 10 is the surplus available for dividends, improvements or reserves. But instead of 100 units of traffic and revenue, the railroads are now offered but 80 units. If expenses, taxes and charges could each be reduced 20 percent to correspond with the decrease in traffic, the decrease in the surplus would...
...must operate whether they pay or not. An industrial concern may shut down if the losses thereby occasioned are less than those which it sustains under operation in these subnormal times. In the second place, the typical industrial concern made abnormal profits during the war and so gained a surplus to carry it over the lean years. The railroads, on the other hand, have no war fat to sustain them during the reconstruction period...
...Since the beginning of the war we have been selling goods to Europe, and paying for them with our own money on an inflated currency. All of our excess production, and the surplus we had stored up before the war, has been used up, either in this country or in Europe. The railroads, upon which all industry depends, are ten years behind their industrial requirements; This means that present conditions are greatly distorted, and that it will be several years before we get back to a solid basis...
...corporations a flat tax of ten percent on profits--with certain exemptions--and applying a progressive tax rate up profit--with certain exemptions--and applying a progressive tax rate to profits which exceed a stipulated percentage of the capital investment the Government has attempted to levy a tax on surplus profits which would not be felt by industry. But this excess profits tax is not now suitable to business conditions...
...difficulties attending, its administration. In view of the fact that the stated capitalization of most corporations is largely a matter of accident, it follows that a just estimation of the actual return in excess of normal profit cannot in many cases be attained. The evaluation of the surplus income presents a problem no complex that even the Treasury Department can offer no general solution. The continual change in the personnel of that branch of the government leads to contradictory rulings and an irritating vacillation of policy...