SOME GET KILLED IN WAR, OTHERS MAKE A KILLING!

JFK+50:  Volume 7, No. 2396

45 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.

SOURCES

"Full text of 'The War Revenue Act of 1917," www.archive.org/

"It'll Help A Bit," The Chicago Daily Tribune, August 11, 1917.

Senator Furnifold M. Simmons

(D-North Carolina)

Bain News Service (1920)

Library of Congress Photo