JFK+50: Volume 7, No. 239645 GREAT CORPORATIONS TO PAY $240 MILLION IN WAR PROFITS TAX
Washington, D.C. (JFK+50) One hundred years ago today, August 10, 1917, statistics compiled by J.P. Morgan & Company were read on the floor of the United States Senate by Senator Furnifold M. Simmons*, chairman of the Finance Committee.
These statistics showed that "45 great corporations" would pay almost $240,000,000 in war profits taxes under the revised Senate Revenue Bill**. A similar bill in the House of Representatives, however, would collect a mere $78,000,000 in taxes.
Statistics also included the following estimates of excess profits for the companies listed...
United States Steel Corp. $207+ mil
Dupont Power Co. $ 76+ mil
Beth Steel Corp $ 53+ mil
Anaconda Copper Mining $ 39+ mil
Standard Oil Company $ 20+ mil
*Furnifold McLendel Simmons (1854-1940) was born in Pollocksville (located near New Bern in SE NC) & served as a member of the U.S. House of Representatives 1887-1889 & the United States Senate 1901-1931. FMS was chairman of the Senate Finance Committee from 1913 to 1919. He refused to endorse Al Smith for President of the United States in 1928.
**The War Revenue Act was signed by President Wilson on Oct 3, 1917. It provided for an increase in federal income tax rates including a raise from 15 to 67% for incomes over $2 million.
Designed to raise $2.5 billion for war purposes which included $1 billion from war profits taxes.
"Full text of 'The War Revenue Act of 1917," www.archive.org/
"It'll Help A Bit," The Chicago Daily Tribune, August 11, 1917.