The House Ways & Means Committee began last week to fool around tentatively with one of the major problems of the new session: what, if anything, to do about the renegotiation of war contracts.
In Principle. Almost no one objects to the principle of renegotiation, which is simply that no one should profiteer from the war. Renegotiation became legal in 1942, after most experts agreed that no tax law can catch every profiteer without ruining a lot of patriotic producers in the process. It attacks the problem through a company-by-company examination of profits...
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