Word: taxes
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Dates: during 1940-1949
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Lazy Louts. Committee members protested that the bill had been railroaded through after only seven minutes' discussion and with no hearings at all. Cried Wisconsin's Republican John Byrnes: "This legislation is dishonest ... In ten years, our veterans will be shouldering half the nation's tax burden ... I am unalterably opposed to this bill. It is no hot potato as far as this member is concerned...
...feared. Working together, the union, a citizens' committee and Little had managed to save 1,200 of the jobs. But that did not quiet Tobey. As a one-man senatorial committee, he went after Little where he looked the most vulnerable. He attacked the bewildering hodgepodge of tax-exempt foundations and charitable trusts which hold title to most of the property in Little's $60-million textile empire...
Last week, when Tobey published a 28-page report on his findings, Congress got its first good look at such tax-exempt trusts (there are an estimated 10,000 in the U.S.) and it made Congressmen's eyes pop. Tobey charged that...
...Royal Little had set up six such trusts. Part of their tax-free income, which had totaled nearly $10 million, had been used to finance Textron's expansion. The trusts had paid out very little to their beneficiaries. Example: the Rhode Island Charities Trust had taken in $4,500,000, paid out $85,000 to its beneficiary (the Providence Community Chest). But it had paid out $140,000 to its trustees and banker...
...leases between these trusts and Textron presents a fantastic picture of fiscal manipulation," which gave Textron an unfair advantage over taxpaying corporations. Tobey's remedy: Congress should pass a law forcing all such trusts to pay out 85% of their annual gross income to beneficiaries, to get tax exemption...