Corporate Profits: Hearings Before ..., 80-2, December 6-21, 1948

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Page 196 - Mr. Chairman, I would like to insert into the record at this point. (The statement of interest and usury statutes is as follows:) Interest and usury statutes, May %1, 1943 i No limit.
Page 94 - Stockholders, employees, and the general public should be informed that a business must be able to retain out of profits amounts sufficient to replace productive facilities at current prices if it is to stay in business. The committee therefore gives its full support to the use of supplementary financial schedules, explanations, or footnotes by which management may explain the need for retention of earnings.
Page 544 - States Bureau of Labor Statistics, increased about 100 percent. Nonferrous metals and some other raw materials used in the manufacture of automobiles increased much more. On the other hand, prices of General Motors cars currently average 75 percent above those of the 1941 models. The increase in the prices of GM cars has been little more than the increase in the cost of living, as measured by the BLS consumers price index, which has amounted to 72 percent since January 1941.
Page 539 - The particular point that I would like to call to your attention is the fact that in the postwar period of 3 years we have not attained our prewar average.
Page 449 - No great stretch of the imagination is required to foresee that if nothing is done to check the growth in concentration, either the giant corporations will ultimately take over the country, or the Government will be impelled to step in and impose some form of direct regulation in the public interest.
Page 579 - Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily * * *. Lenin was certainly right.
Page 446 - In the 1940 national defense crisis, business displayed much the same attitude that it had shown 23 years earlier. Business would help the government and the people, but the basis of payment therefor would have to be fixed before the wheels would begin to turn. Profits, taxes, loans, and so forth, appeared more important to business than getting guns, tanks, airplane motors into production. . . . Speaking bluntly, the government and the public are "over a barrel" when it comes to dealing with business...
Page 56 - Act, except that for the purpose of the tax imposed by this section the income embraced in a return of a corporation, jointstock company or association, or insurance company, shall be credited with the amount received as dividends upon the stock or from the net earnings of any other corporation, joint-stock company or association, or insurance company, which is taxable upon its net income as provided in this title.
Page 176 - In times of inflation, or rapid change in the purchasing power of the dollar, "profits" as reported on the basis of established accounting practice are in effect overstated by the amount of the rise in replacement costs over the sum set aside to cover capital extinguishments — depreciation, depletion, and the like. 2. In times of inflation, reported "profits" cannot properly be compared with previous years because of the shrinkage in the purchasing power of the dollar. Only by correcting for the...
Page 175 - profits" is a popular expression, the technical counterpart of which is "net income." Net income, or profit, however, at best is an accounting interpretation or abstraction, not a reality or tangible quantity such as "cash in the till." According to accounting practice, it is determined by taking the total income received by an enterprise and deducting the operating expenses and taxes, and then subtracting an estimate of the extent to which the capital assets employed have been extinguished ; that...

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