New Hope for Business

House and Senate taxperts argued and sweated six long days last week over the Senate-& House-passed tax bill, wound up with far more sense-making corporation taxes than the Treasury recommended. The bill filled its wartime revenue job by boosting annual business taxes over $1.5 billion to a record-breaking $10 billion (total 1941 business income before taxes: roughly $20 billion). It filled a wartime morale job by helping convince big & little businessmen that the U.S. has not scuttled the profit motive. It filled a wartime need for greater and more efficient production...

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