Loopholes

Excess Profits Tax Passed with Corporate Lobbying Loopholes

1940-10-08 00:00:00 +0000 UTC | Importance: 7/10

Congress passes the Excess Profits Tax Act on October 8, 1940, establishing graduated taxes on corporate profits exceeding pre-war averages. While ostensibly designed to prevent war profiteering and ensure shared sacrifice, the legislation contains numerous loopholes secured through corporate …

Congress Franklin D. Roosevelt Treasury Department National Association of Manufacturers U.S. Chamber of Commerce war-profiteering tax-policy corporate-influence regulatory-capture loopholes