This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!
This newspaper page contains 6 articles. Subscribers can read the full text of each article.
Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Nov 15, 1950
Page
8
The News reports President Truman says business profits rose due to rearmament and should be taxed as part of a defense taxation program. Coughton tells reporters his committee must draft an excess profits bill, aiming to push it through this session as part of completing the 1950 program.
President Truman asked Congress to enact a 4 billion dollar year excess profits tax on corporations retroactive to last July. In a letter to Representative Doughton, the Ways and Means chairman, he urged passage before the end of the short session as tax hearings begin.
A 1951 discussion outlines the excess profits tax as popular with some businessmen and opposed by others who say it stifles nonessential spending. The Committee for Economic Development urged a $7 billion tax boost in 1968 to fund defense, proposing a one year stopgap plan to balance a $62 billion budget and a $3 billion rise in indi- vented outlays.
The document discusses personal income tax increases starting January and higher corporate taxes from January 1. It notes revised excise taxes effective July 1 and an assumed defense budget of 3590.0 million for military needs plus 2711.0 million for other war related expenditures, depending on ongoing conflict.
A corporate revival proposal suggests restoring the September 45 percent postwar rate to 30 percent and introducing a new 15 percent defense profits tax. This change would lift overall costs and affect company earnings.
The plan sets a 53 percent top rate on corporate income and a flat 5 percent defense levy on individual net income above current exemptions. The levy would not apply to income already taxed. These taxes would be temporary, with Congress urged to act at the November 27 short session.
We want people to find what they are looking for at NewspaperArchive. We are confident that we have the newspapers that will increase the value of your family history or other historical research. With our 7-day free trial, you can view the documents you find for free.
People find the most success using advanced search. Try plugging in keywords, names, dates, and locations, and get matched with results from the entire collection of newspapers at NewspaperArchive!
You can also successfully find newspapers by these browse options. Explore our archives on your own!
Browse by location and discover newspapers from all across the world.
Browse by date and find publications for a specific day or era.
Browse old newspaper publications to find specific newspapers.