Word: taxes
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Dates: during 1940-1949
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...acid suggestion for the Attorney General: "If Clark looks around suddenly at a Cabinet meeting, he is likely to find a culprit or two within arm's length. Two fundamental errors of the Truman Administration contributed to the price spiral. One was the repeal of the excess-profits tax. The other was . . . the encouragement of labor in demanding additional...
...second thought, Britain's 75% tax on Hollywood films (TIME, Aug. 18) did not seem as dreadful to producers as it first appeared. Hollywood's sharp pains faded to twinges as it mulled over several reassuring facts...
...that U.S. companies have enough unused and untaxable films in Britain to bring in money for at least six months (only those films which were imported after the tax was announced are subject to it). Another was that Britain's tax, although set upas an import duty, seemed in effect an income tax-and therefore in violation of an Anglo-American agreement designed to prevent double taxation on incomes. Hollywood felt that perhaps Britain could not make the tax stick...
...took Hollywood no time at all to make up its mind. Less than 24 hours after Britain's Government levied a new tax which, in effect, will take 75% of the gross earnings of U.S. films, Movie Czar Eric Johnston announced that Britain would get no more of them. Cinemoguls, meeting in a 3½-hour session with Johnston, angrily charged that the tax was confiscatory. "If the British want American pictures," said Johnston, "they shouldn't expect to get a dollar's worth for a quarter...
...producers also charged a breach of faith. The tax came just as they were negotiating a voluntary reduction in their "take-home" earnings from Britain. They had sent Johnston, president of the Motion Picture Export Association, Inc. (as well as of the Motion Picture Association of America) to London to work out a solution. He came back with a dozen different proposals for Hollywood to consider, including one to hold part of the movie companies' earnings in blocked accounts in England. But before he even submitted them to producers, Britain fired its 16-in. tax...