Word: taxed
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Dates: during 1940-1949
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...dangling the juicy bait of tax savings before other NBC stars, soon made off with Jack Benny. Bing Crosby, Edgar Bergen, Phil Harris, Fibber McGee & Molly, and Red Skelton were reported planning to join the exodus to CBS. This week the tax collector cut the gossip short. He had bad news for radio stars who would like to revise contracts...
...friendship between Benny and CBS also seemed to be suffering a strain. CBS Vice President Frank Stanton declared that it was "utterly fantastic" for anyone to expect CBS to make up Benny's tax losses because of the bureau's ruling. Said Stanton, washing his hands of the whole affair: "From here on out it is strictly a matter between Mr. Benny and the Revenue Bureau...
...extent that certain industries did this, it was their own fault that Congressmen raised an outcry for an excess-profits tax even though the U.S. may end the current fiscal year with a budget surplus. Warned Wyoming's New Dealing Senator Joe O'Mahoney: "My theory is that any industry earning excess profits from full employment or Government spending should pay more taxes...
...salt domes and along the shores of Texas, the cracking towers and silvery balls of synthetic rubber, plastics and fertilizer plants had created a new chemical empire. Profits had helped pay for expansion. An excess-profits tax would not only nip the expansion but, if the wartime formula was followed, would hit the most progressive companies hardest (Jersey Standard would pay more heavily than U.S. Steel). As Vermont's Senator Ralph Flanders said: "You can say so much against it [an excess-profit tax] that I have difficulty in understanding what anybody...
...Ever since it had collapsed in fear of a recession in 1946, the market had been seesawing, trying to make up its mind whether the boom had really come to stay. Looking at some of the props under the boom-plant expansion, ECA and rearmament orders-investors celebrated the tax cut by finally placing their bets...