Experience with a wartime excess profits tax indicates that it tends to encourage needless and wasteful expenditures. With government bearing 80 to 90 per cent of the cost of business operations, there is little incentive for a corporation to increase the efficiency of its organization.
Walker Winter, of the U.S. Chamber of Commerce, issues their “Statement on Pending Proposals on Windfall Profits” before the House Committee on Ways and Means. This quote refers to the “windfall profits tax” suggested as a way to address the OPEC energy c
Tuesday, February 5, 1974
Culprits:
Issues:
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