Word: vinson
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...Steel, Boeing Aircraft, other leading Defense producers were delaying construction of urgently needed new plants, the U. S. waited last week for two acts of Congress: 1) a 20%-a-year depreciation allowance for tax purposes on new Defense plans; 2) repeal of that part of the Vinson-Trammell Act which sets an 8% ceiling on aircraft and shipbuilding contract profits. The Administration had spoken for both measures. The Defense Advisory Commission was for them. So was business. So was the President...
...excess-profits tax like a price tag to the package business wanted. Last week, Congress' tax-originating body-the House Subcommittee on Internal Revenue Taxation-sent package and tag to the House Ways & Means Committee. In the package were the 20% depreciation allowance, the repeal of the Vinson-Trammell restrictions, as expected. Business' eyes fastened fearfully on the price tag. It was surprisingly...
...thought it coddled profits instead of taxing them; they talked of boosting the top bracket rate from 40% to 82%. They also disliked Choice i, on the grounds that it would let slip the most profitable corporations. But their biggest objection was to the 20% depreciation allowance and the Vinson-Trammell repeal. Calling the latter "bribes" to induce manufacturers to do their duty under the Defense program, they would have preferred to hand business a bigger price tag with no package at all. Objection 2 came from the conservative wing, some of whose members also objected - for a different reason...
...still in form when he sailed down the Potomac with Secretary of the Navy Frank Knox, Harry Hopkins, Chairman Sheppard of the Senate Military Affairs Committee, Chairman Vinson of the House Committee on Naval Affairs. Twenty-one guns roared their salute when the Potomac docked at the vast Ports mouth Navy Yard-where the payroll has been upped from 7,600 to 12,000 men, where the aircraft carrier Ranger is being overhauled in the basin. The temperature soared up to 100° as he drove 15 miles to the naval operating base, stayed up through a sweltering afternoon...
Last weekend the President, with Secretary of the Navy Frank Knox and Chairman Vinson of the House Naval Affairs Committee, visited the Norfolk Navy Yard. What they discussed as they sailed down the Potomac on the President's yacht only they knew, but it would have been strange had they not considered whether the question of selling destroyers should not be reopened...