Word: vinson
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Dates: during 1940-1949
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Last week, while the House Naval Affairs Committee approved a $300,000,000 appropriation to modernize the Navy's out-of-date anti-aircraft defense (TIME, Oct. 14), its square-rigged chairman, Georgia's Carl Vinson, had a Navy secret in his pocket-an official tabulation, prepared by the Navy's Bureau of Ships, of vessels under construction, showing types, numbers and the location of yards where they are being built...
Divorced. Fred Perry, pipesmoking British tennist; by Cinemactress Helen Vinson; after four years of marriage; in Los Angeles, Calif. Charged Actress Vinson: "He would argue loudly, slam doors . . . throw the furniture about . . . until 4 or 5 o'clock in the morning...
...three good reasons to sign it: 1) It contained a repeal of the Vinson-Trammell profit limitation on ship and aircraft suppliers to the U. S. 2) It provided a five-year amortization of defense plants completed since June 10. Both these measures have been long needed to speed defense. 3) Inscrutable and inequitable, the bill nevertheless gave corporation comptrollers something definite to figure on. They found...
Britain is scheduled to buy 40% of U. S. plane production for the next two years. If Britain falls, the industry will still have its hands full with domestic orders. But British orders yield 20 to 30% net. Although the Vinson-Trammell profit limitation on Army and Navy plane orders is being repealed, U. S. Government contracts will never be as cushy as that. Nor can investors envision a peacetime market for planes anywhere near the present demand...
...Franklin Roosevelt has declared that U. S. rearmament must make no new "war millionaires." He therefore attached an excess-profits tax, like a price tag, to two other pieces of defense legislation that businessmen, the Defense Advisory Commission, the Treasury, the Army & Navy all wanted: 1) repeal of the Vinson-Trammell Act's profit limitation on plane and warship orders; 2) permission for defense manufacturers to amortize new plants (for tax purposes) in the short space of five years (TIME, Aug. 19). These two laws were still wrapped up in the Excess Profits Tax Act this week. For their...