Magazine content is available exclusively for TIME subscribers.TAXES: The Big Bite
After a day and a half of closed-door sessions, House and Senate conferees last week agreed on an excess profits tax bill intended to produce $3.3 billion in revenue—slightly more than either the House or Senate separately had approved. The bill was quickly passed by the Senate, will probably be passed by the House and sent to the President within a few days. Major provisions:
¶ An increase in the regular corporation rate from 45% to 47%.
¶ A tax of 77% on excess profits computed either on a company's capital investment or average profits in its three best years between...
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