Word: taxed
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Dates: during 1930-1939
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...proposed Revenue Act of 1938, reported by the House Ways & Means Committee last fortnight, the undistributed profits tax was retained more in principle than in fact. But the principle is about as popular with businessmen as was the Stamp Act of 1765. Franklin Roosevelt in a strategic retreat last autumn intimated that the obnoxious levy might be modified-provided Congress could find a substitute method to make up for lost revenues...
With the able aid of Undersecretary of the Treasury Roswell Magill and what amounts to an increase in the normal corporate tax, the House Ways & Means Committee managed to modify the principle beyond recognition without loss of revenue. In the first basket all corporations earning $25,000 or less were exempted entirely from the undistributed profits tax. The second basket placed a trifling undistributed profits tax (maximum: 4%) on all other corporations- with certain exceptions. One exception was closely-held corporations making more than $75,000. For this group-in the third basket-the surtax and income tax together would...
That even this face-saving ghost of the Administration's pet tax project might well be further modified the Committee was well aware when it reported the bill. What it did not expect was that a 326 to 104 Democratic majority in the House would, especially in an election year, prove so much more responsive to the wishes of business than to the wishes of the Administration as to kill the third basket entirely. This last week was precisely what occurred. So eager was Congress to show that it is still a representative body that it was willing...
...thought about the Whitney crash last week. Cafeteria society was shocked, too, and downtown they were taking it harder than any other financial scandal of the century. True, Joseph Wright Harriman and Bernard K. Marcus had misapplied bank funds and been sent to jail. Charley Mitchell was penalized for tax deficiencies and Al Wiggin had paid off stockholders to stop their suits. There was old Sam Insull, too, although Wall Street is never very surprised at the shenanigans of a Chicagoan. But Dick Whitney was a Morgan broker. He was the President of the New York Stock Exchange for five...
...which you don't pay any income tax...