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1 Charles Wesley Dunn, Postwar Federal Taxation of Corporations 1 (1944)

handle is hein.tera/pstwrf0001 and id is 1 raw text is: POSTWAR FEDERAL TAXATION OF CORPORATIONS by CHARLES WESLEY DUNN, OF THE NEW YORK BAR 31st Annual Address as General Counsel of American Pharmaceutical Manufac- turers' Association, at Hot Springs, Va., on June 5, 1944. As the war proceeds toward a successful climax-which pray God may come soon-we must increasingly think about the period after it. That is why the program of this meeting importantly deals with postwar economic problems. Of these problems the major one, of course, is a peacetime expansion of business in the field of production, sufficient to employ our working people at adequate pay; and effective to provide our country with higher standards of living. The solution of this problem deeply concerns us all, because our national welfare in the future will be basically measured by the degree of its solution. And a fundamental condition to the solution of this problem is a constructive revision of the federal corporate tax law. For most production business is organized on a corporate basis; and this law now contains serious bar- riers (of both commission and omission) against the required peacetime expansion of the foregoing business. Therefore I take this occasion briefly to discuss such a revision of this law, for the purpose of broadly outlining the situation it presents.* I do so principally from the standpoint of the income and excess-profits taxes, levied by this law; and in doing so I will consider the proposed constitutional amend- ment placing a 25% ceiling on federal income, estate and gift taxes, in peacetime. I should add here that what is said in this address expresses my own view. 1 The Sixteenth Amendment to the United States Constitu- tion became effective in 1913, which broadly empowers Con- gress to tax income. But the first federal corporate income * References: Report on War and Post-War Adjustment Policies, B. M. Baruch and J. M. Hancock, to Director of War Mobilization; Production, Jobs and Taxes, H. M. Groves, by Committee for Economic Development; Postwar Tax Policy and Business Expansion, L. H. Kimmel, by Brookings Institution; Postwar Taxes, F. P. Huddle, by Editorial Research Reports; The Post War Federal Tax System, Roswell Magill, by Tax Foundation; Effect of Federal Taxes on Growing Enterprises, J. K. Butters and J. Lintner, by Harvard Graduate School of Business Administration; Effect of the War on the Financial Structure of the United States, J. T. Madden, by Institute of Interna- tional Finance of New York University; Program to Aid the War Effort That Should Make for Postwar Employment, F. I. Kent, by Post-War Planning Committee of Commerce and Industry Association of New York; and The Economic Almanac, by National Industrial Conference Board.

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