STATE OF BUSINESS: Tax Treadmill

Like a mule on a treadmill, U.S. business was beginning to feel that it had to keep moving faster just to stand still. Last week Manhattan's National City Bank, totting up first half profits before taxes for 325 U.S. manufacturing corporations, reported a whopping increase of 51% over the 1950 period. But after taxes had been deducted, the net gain was only 1%.

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