Taxation of Excess Profits

Taxation of Excess Profits

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ... tax provision, the next greatest productive provision.1 The Conference made its report of the whole bill in both houses on September 29th, 1917 and the House of Representatives adopted the report without a dissenting vote on October 1st. On the following day the Senate duplicated the action of the House in its unanimous approval of the entire Bill, which was signed by the President on October 3rd, 1917. In this chapter, the aim has been to trace the legislative history of the excess profits tax in this coun try up to the time of this writing, with special emphasis on the congressional steps in the enacting of the present provision of the tax. It has been seen that the House Bill was introduced and passed before the complete war budget for the first year was presented, so the flat rate of 16% was low in comparison with the Senate's rates, the high when considered as double the then existing rate of 8%. In the House the measure was strictly an excess profits tax but in the Senate it was first changed to a war profits tax and finally changed back to an excess profits tax altho a pre-war basis is used within certain limits. It will also be of interest to note at this time that outside of the United States the tax began chiefly as a war profits tax while in this country the opposite is the case. Chapter IV. Analysis of Excess Profits Tax of October 5rd, 1917. After the War Revenue Bill including the excess profits tax provision was passed, many glaring defects came to light for the first time and no doubt, these will soon be remedied by congreeeionl action. The provision is so indefinitely worded in certain sections that lawyers and accountants with the greatesTexperience in tax matters cannot tell how it will apply in some important...show more

Product details

  • Paperback | 26 pages
  • 189 x 246 x 1mm | 68g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236908333
  • 9781236908339