Show the excess profits tax tx which the senate and house have ex tended for a six month period after strong administration pressure Is one of the most contro vercial verseal and little known of our federal levies even the elsen eisen hower administration while insisting upon it called it a necessary evil here are its basic facts who pays it less than 12 per cent of the nations corporations with taxable income how much of the money will be raised by the six months ex tension About million will be added to the governments till in fiscal 1954 how do corporations compute the tax they figure earnings during 1946 through 1949 and report average earnings during the three most profitable years of that stretch eighty three per cent of that average Is normal profit congress decided earnings over that amount are liable to the excess profits tax of 30 per cent this is on an top of regular u lar corporate income taxes what is the purpose of the effit EPT it I 1 is designed to limit the profits of businesses involved in defense work what percentage of corporation tax receipts comes from the EPT the ways and means committee estimated 2 billion out of a total take of 23 billion in corporate taxes come from the excess profits levy that about 87 per cent why wag was extension urged tor for what treasury secretary george M humphrey called a bad tax fax it will help shrink the deficit of 94 billion a record for the government to be in the red also the administration has said it want taxes on business cut before taxes on individual income which are to become lower jan 1 1954 why Is it a bad tax prest dent eisenhower Elsen hower said the E EPT is especially hard on successful small businesses which must depend on retained earnings for growth assistant secretary of commerce craig R shea Sheat sheaffer alts fer said the tax purposely hits hardest on new and growing enterprises terp rises a n nd d encourages wasteful management the P post ost office department is again asking congress to grant an increase in postal rates in an effort to get the longtime long time money losing service out of the red I 1 if er the move is successful heres what will happen to mall mail users 1 A deep pink four cent stamp will be required forout for out of town letters the familiar purple three center still will he be good for in town first class mail 2 airmail rates will go 90 up from six to seven cents per ounce 3 book rates will increase from eight to ten cents rent s for the first pound and tour four to five cents for each extra pound 4 varied boosts will prevail tor for different types of second and third class mall mail the mail rate increase may eventually become law but at the moment congressmen although talking a lot about economy nom and balancing the budget sh show ow no signs of haste in pulling putting it into effect A port part about publishing a weekly newspaper n maper Is the justi justified Sled critic bm people do n not ot make when involved din in a mistake or blunder inthe in the news Holly hollywood rood kama atam gazette in hhie the matrimonial race girl who becomes engaged is usually on the last lap 11 floyd R miller |