TAXATION: Henry & His Hatchet

"In times like this if a corporation earns 6% on its invested capital it ought to be satisfied."

So said Secretary of the Treasury Henry Morgenthau, testifying last week on the price-control bill before the House Banking & Currency Committee. Reporters ran for the telephones. His words were news, even if taken at their face value as a demand that business confine itself to modest profits for the duration. They were far bigger news as the first gun of a campaign for a new type of tax bill that would shake the foundation...

Want the full story?

Subscribe Now


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

Learn more about the benefits of being a TIME subscriber

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