Word: conceptions
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Dates: during 1940-1940
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...bill was in trouble from the day it was written. To the Treasury, taxable excess profits meant any & all profits above a certain return (say, 4% to 8%) on invested capital. The House subcommittee which drafted the original bill softened this concept (which is hard on small corporations that use little capital in proportion to their earnings) and confused it. As an alternative, the subcommittee added what was in effect a war-profits tax-a tax on profits above the average of three or four pre-tax years, the increment being supposedly attributable to the defense boom. For the sake...
Writing in the current issues of Harper's and the Atlantic Monthly respectively, Adler and Cram are in close agreement in their diagnoses of the ills of the younger generation. They state that the current undergraduate is skeptical of principles and moral issues and has no concept of the difference between right and wrong. The student of today has followed the broad path of science down into the smoking hell of positivism and empirical rationalism, a hell whose number one devil is John Dewey...
Every tongue in Japan rolled this Konoyism with great relish, though no one knew precisely what it meant. It was variously used as a sales slogan, an expletive, a philosophic concept, even as an excuse for nonpayment of debts. But the most common interpretation - the one on which Prince Konoye rode to the Premiership in July - was as a promise of a one-party political system, vaguely like that of Germany or Italy. Last week, speaking before the Preparatory Com mittee for the New National Structure, Prince Konoye dispelled that illusion and made one thing very clear: he intends...
...Bois thought he saw two world trends: 1) the waning of capitalism; 2) the waning concept of man as a rational being. From these he derived a new program for U. S. Negroes: 1) cooperative action among Negro consumers, building toward industrial democracy, i.e., socialism; 2) recognition of the deep, irrational roots of race prejudice, demanding "on our part not only the patience to wait, but the power to entrench ourselves for a long siege...
...principle: any corporate earnings above 8% on invested capital were "excessive," should be taxed at 30 or 65% (later reduced to 20 or 40%). This was in effect to treat all capital as though it bore the same risk, should earn the same return. But "invested capital," an artificial concept, was only one among many income-producing factors. Results were a tragicomedy of discrimination. Small, growing, high-profit companies found themselves in higher tax brackets than mature, stabilized giants. Corporations with little capital other than their wits (advertising agencies, etc.) paid at higher rates than overcapitalized railroads. Firms...