To most U. S. businessmen, the undistributed profits taxwhereby the Govern-ment takes 7% of a corporation's retained net income if it retains only 10% of its profits, up to 27% if it retains over 60% has been a favorite target in the well-appointed shooting gallery of New Deal economic legislation ever since it was passed in June 1936. Last week, while Congress was trying to work out plans to revise it in the regular session, the undistributed profits tax was subjected to the most efficient bombardment it has received so far, in...
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