Word: taxes
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Dates: during 1940-1949
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Result: for a total outlay of $693,000, Saskatchewan has acquired a tax-free power company which last year showed net profits of $334,000 and which had 400 miles of line and some 8,000 customers. Probable next step: provincial purchase of another private power company, in the province, Saskatchewan's Prairie Power...
Specifically, it recommended that: i) corporations be permitted to use last year's excess profits tax credit currently, to help pay 1944 taxes (saving: $830 mil lion); 2) after January i, corporations should be permitted to start cashing in their credits for 1943 and 1942. This would add $1.3 billion to business cash reserves for reconversion...
...effect, this would cut the maximum excess profits tax to 85% from now on. In the same fashion, refunds to corporations due under excess profits tax's "carry-back" provisions, originally designed to cushion industry against reconversion losses, would be put on a current basis (i.e. they could be taken in the year the losses occur). Estimated savings and rebates: $1 billion...
...Little Business. The committee urged one outright tax cut, primarily to help little business. The cut: a boost in the excess profits tax specific exemption from $10,000 to $25,000. Thus any busi ness making less than $25,000 a year would pay no excess profits tax. At one stroke, this would take from "one-third to one-half" of all U.S. businesses out from under the tax. Estimated tax saving: $160 million a year...
...once, no one seemed to have objections to a tax plan. Even dour Henry Morgenthau, who has been flatfooted against any tax cuts till war's end, gave his blessing. There seemed little doubt that the plan would slide right through Congress...