Only 13 years ago, Secretary of the Treasury Andrew W. Mellon thought 13½% was too steep an income tax for U.S. corporations, got it reduced to 12%. Last week the President signed a tax bill under which many a corporation will pay more than half its 1941 profits in income taxes and none will pay less than 30%.
Of the four broad sources of additional revenue tapped by the new bill, corporation incomes will supply the most. From them is expected $1,382,100,000 more than they would have paid under the previous billa total for 1941 of nearly $4,000,000,000.
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