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Editorial
December 8, 1950
Summit County Labor News
Akron, Summit County, Ohio
What is this article about?
Editorial criticizes a group of prominent businessmen, led by Beardsley Ruml, for hypocritically opposing an excess profits tax despite record profits, claiming it subsidizes big business over smaller firms while representing only large corporations.
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Profits Tax Hypocrisy Inc.
A powerful group of businessmen is doing its best to beat an excess profits tax. The group took shape immediately after the November 7 election. Victorious reactionaries assured the business boys a sympathetic ear.
So in spite of all-time profits, the greedy crowd wants even more profit—at the expense of the rest of the American people.
Beardsley Ruml, who saved Big Business millions of dollars during the war with his "pay-as-you-go" system, is acting as spokesman for the group.
Ruml showed how thick the hypocrisy of the group is when he said November 9, "The excess profits tax is not a burden, but a subsidy, a subsidy to strong and established business as against weaker and growing firms."
The statement obviously was hypocritical because the big guns of the group called the Business Committee on Emergency Corporate Taxation—are not representatives of "weaker and growing firms" at all. They are Big Businessmen, pure and simple.
Among them are such business bosses as Hiland Batcheller, president of Allegheny Ludlum Steel; Marion Folsom, treasurer of Eastman Kodak; Jay Hormel, chairman of the Hormel meat packing outfit; Philip Reed, chairman of General Electric; Frank Stanton, president of the Columbia Broadcasting System; Edward French, president of the Boston & Maine Railroad; B. A. Tompkins, senior vice president of the Bankers Trust Co.; and Dudley Figgis, chairman of the American Can Co.
Can't you just see those fellows worrying about the "weaker and growing firms"?
A powerful group of businessmen is doing its best to beat an excess profits tax. The group took shape immediately after the November 7 election. Victorious reactionaries assured the business boys a sympathetic ear.
So in spite of all-time profits, the greedy crowd wants even more profit—at the expense of the rest of the American people.
Beardsley Ruml, who saved Big Business millions of dollars during the war with his "pay-as-you-go" system, is acting as spokesman for the group.
Ruml showed how thick the hypocrisy of the group is when he said November 9, "The excess profits tax is not a burden, but a subsidy, a subsidy to strong and established business as against weaker and growing firms."
The statement obviously was hypocritical because the big guns of the group called the Business Committee on Emergency Corporate Taxation—are not representatives of "weaker and growing firms" at all. They are Big Businessmen, pure and simple.
Among them are such business bosses as Hiland Batcheller, president of Allegheny Ludlum Steel; Marion Folsom, treasurer of Eastman Kodak; Jay Hormel, chairman of the Hormel meat packing outfit; Philip Reed, chairman of General Electric; Frank Stanton, president of the Columbia Broadcasting System; Edward French, president of the Boston & Maine Railroad; B. A. Tompkins, senior vice president of the Bankers Trust Co.; and Dudley Figgis, chairman of the American Can Co.
Can't you just see those fellows worrying about the "weaker and growing firms"?
What sub-type of article is it?
Taxation
Economic Policy
Partisan Politics
What keywords are associated?
Excess Profits Tax
Big Business
Hypocrisy
Beardsley Ruml
Corporate Taxation
Reactionaries
November Election
What entities or persons were involved?
Beardsley Ruml
Hiland Batcheller
Marion Folsom
Jay Hormel
Philip Reed
Frank Stanton
Edward French
B. A. Tompkins
Dudley Figgis
Business Committee On Emergency Corporate Taxation
Editorial Details
Primary Topic
Opposition To Excess Profits Tax By Big Business
Stance / Tone
Critical Of Hypocrisy
Key Figures
Beardsley Ruml
Hiland Batcheller
Marion Folsom
Jay Hormel
Philip Reed
Frank Stanton
Edward French
B. A. Tompkins
Dudley Figgis
Business Committee On Emergency Corporate Taxation
Key Arguments
Group Formed After November 7 Election To Oppose Excess Profits Tax
Despite Record Profits, Businessmen Seek More At Expense Of Americans
Ruml's Claim That Tax Subsidizes Strong Business Over Weak Is Hypocritical
Group Members Represent Only Big Business, Not Weaker Firms
Lists Prominent Executives From Major Corporations