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...

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