Word: taxes
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Dates: during 1940-1949
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Confronted with this shakedown of big shots by big shots, the Government improved upon an old police practice-wheedling small-fry criminals into testifying against bigger ones. Now big shots squealed on big shots. Nicholas Schenck's brother Joe, imprisoned for income-tax evasion, informed on Browne and Bioff-and was soon paroled. A year ago, bored with the stuffy interior of the Federal Penitentiary at Leavenworth, Browne and Bioff squealed, too. Their words convicted the Chicago mob. Afterward, they were moved to the security of the "squealer's prison," a U.S. institution at Sandstone, Minn. Last week...
...Passed a $2.3 billion pay-as-you-go tax plan (the President had asked for $10.5 billion...
...year U.S. co-ops will do over $4 billion worth of business, more than ever before. Private business fears that, at their present rate of expansion, the co-ops will some day be a serious threat. For this reason anti-co-op organizations, such as Chicago's National Tax Equality Association (formerly the League to Protect Free Enterprise), are plumping for a change in the tax laws. The main N.T.E.A. argument is that expanding co-ops are taking taxable income off the tax rolls. Furthermore, N.T.E.A. contends that many a corporation is turning itself into a co-op merely...
Help the Farmer. This kind of buying by co-ops is a cause for alarm to many a businessman, who looks with suspicion on the rapid growth of U.S. cooperatives (they have increased their business eleven times in 25 years) and the tax advantages which are now accelerating their growth. No cooperative organization need pay an income tax so long as it allocates the profits from its sales to the members on a proportionate basis, and farm cooperatives receive even further advantages under Section 101 (12) of the Internal Revenue Code...
...process the marketing and farm purchasing coops, unlike consumer coops, have become big business, but without big business' tax liabilities. The ''profits" of co-ops - i.e., moneys kept in the till for expansion instead of being returned to members - are taxfree. But repeal of Section 101 (12) would not stop co-op growth, because cash rebates to co op members, and "profits" withheld, if allocated proportionately on the books, would still be taxexempt. Partial relief for private business could be achieved by taxing co-op "profits" unless paid out in cash. But big cooperatives could find money...