Abstract
THE subject of taxes is a painful one to all but tax lawyers, tax accountants, and the Government. We are now in what promises to be, if it is not already, a period of even higher corporate taxes than prevailed during the war. Yet only last June the House passed a bill entitled A Bill to reduce excise taxes, and for other purposes. What happened afterward is well described by the Senate Finance Committee's report some two months later on the same bill, viz.. Military action in Korea coupled with substantial increases in defense and related expenditures has made it necessary to court the excise tax reduction bill passed by the House in June of this year into a bill to raise revenues. This bill became the Revenue Act of 1950. It raised the corporate tax rate from 38 to 45% (individual taxes were also increased), restored accelerated depreciation (five-year amortization) of defense plants, ...
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