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Getting US into War

By: Porter Sargent | Book details

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Page 436
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denounced as "economic royalists". As E. J. Hopkins wrote in PM, Aug. 18:

"The National Defense Advisory Commission has at last apparently persuaded the 'striking' industries to go ahead", by permitting them to do as they please,-- that is, to strike later if, insured against loss, they are not satisfied with their profits. Moreover, those who control industry hold a club over future legislation, for 'Industry' has "permission to quit work midway if it doesn't like what Congress does".

"Infinitely 'More Liberal' Excess Profits Tax Than During World War Now Assuming Shape" was the headline of an article by Henry Ehrlich in the Boston Herald, July 30.

"Sugar coating to get the people to swallow amortization", Senator Bennett C. Clark, Aug. 10, called the proposed bill for tax on war profits, -- whittled down to yield a paltry 190 millions the first year,-- only about twice the amount of the single loan to the Curtiss-Wright Co.

Rear Admiral W. R. Furlong, chief of the Navy's Bureau of Ordnance, testified Aug. 20 (AP), "'Progress has stopped on the procurement of materials that go into ships'. . . because industry has found business with the British more profitable". The condition had not much improved on August 21 when Pearson and Allen wrote, "A sit-down strike far worse than anything pulled by the C.I.O. in the automobile plants of Michigan is now being staged by some American industrial leaders. It is a sit-down strike against the production of war and navy orders until industry sees what kind of a tax bill will be written by Congress."

"Billions for Defense -- But Not 1% Less for Profit." August 23, 1940


NOTES
(1)
"Accelerated depreciation" was the term preferred by John D. Biggers, president of Libby-Owens-Ford Glass Corporation, and now a dollar a year man on Knudsen's Defense Advisory Commission, who has proved a skillful and aggressive defender of rights of manufacturers to make profits and avoid taxation.
(2)
In the long battle over "technical difficulties", all through the hot summer, "while the committee continued its liberalizing and simplifying in redrafting the bill, treasury officials renewed their demand" that at the end of the five years, the government still have some say as to what was to be done with the plants they had presented. But Biggers told them that this "would frighten private capital" and 'impede the whole rearmament effort" ( N. Y. Times, Sept. 8, 1940). Biggers was able to marshall any number of assistants, secretaries, Senators, lobbyists

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