After three weeks of public and private wrangling, the House Ways & Means Committee this week sent its excess-profits tax bill to the floor. The bill was not quite what the Administration wanted. It would raise somewhere between $3 billion and $3.4 billion at current tax receipts, as against the $4 billion asked by Treasury Secretary John Snyder. It called for a levy of 75% on all earnings above 85% of a company's average profits during its three best years between 1946 and 1949. The tax would be retroactive to July 1, 1950. No more than 67% of a...
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