GOVERNMENT: Excess-Profits Tax

Having heard that U. S. 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.

But this unanimity did not produce results because the President figured that once he let business have...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!