By Kim Phillips-Fein, Julian E. Zelizer
This quantity showcases the main interesting new voices within the fields of industrial and political historical past. whereas the media often warns of the newfound strength of industrial on the planet of politics, the authors during this booklet show that enterprise has mobilized to form public coverage and executive associations, in addition to electoral results, for many years. instead of assuming that company impact is inevitable, the chapters discover the advanced evolution of this courting in a variety of assorted arenas--from makes an attempt to create a corporate-friendly tax coverage and laws that might paintings within the pursuits of specific industries, to neighborhood boosterism as a weapon opposed to New Deal liberalism, to the nexus among evangelical Christianity and the oil undefined, to the frustrations that company humans felt in struggles with public curiosity teams. The historical past that emerges express company actors organizing themselves to impact executive in myriad methods, occasionally effectively yet different instances with results a long way varied than they was hoping for.
The lead to a picture of yank politics that's extra advanced and contested than it is usually regarded as. The essays signify a brand new development in scholarship on political financial system, person who seeks to collapse the obstacles that when separated previous subfields to provide a imaginative and prescient of the economic climate as formed through politics and political existence stimulated through fiscal relationships.
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Additional resources for What's Good for Business: Business and American Politics since World War II
92 For some of the country’s leading industrial corporations, the carrybacks meant that most of their reconversion losses could be written off. In many cases, this allowed companies to avoid dipping into large stores of wartime profits that had been set aside to assist with reconversion. , whose Pratt & Whitney division, a top producer of aircraft engines, put it at the heart of the American military-industrial juggernaut. In 1946, as many of its big war contracts ran out, United Aircraft suffered a net operating loss of $5 million.
Like organized labor, Treasury officials and Congress focused above all on EPT and normal corporate income tax rates, along with the size of the proposed automatic postwar EPT “credit” that would effectively reduce the nominal rate. Since Britain and Canada had already adopted a 100% EPT along with a 20% postwar credit (thereby creating an effective EPT rate of 80%), this was used as a common reference point. As they worked on the final bill in the late summer of 1942, Congress and the Treasury would settle with relatively little trouble on a 90% EPT rate and a 10% automatic postwar refund (amounting to an 81% effective EPT rate), along with a hard ceiling that insured that no corporation would be made to pay federal taxes that amounted to more than 80% of its profits.
Because Westinghouse during the 1936–39 base period had enjoyed average earnings of over $14 million a year, the company enjoyed a relatively high EPT credit. 30 Robertson soon received a favorable reply from Senator Walter F. George of Georgia, who had become chairman of the Senate Finance Committee in 1941. 31 Wary of Roosevelt and hostile to many of the more progressive elements of the New Deal, George was exactly the sort of politician American business wanted to see as a congressional overseer of revenue legislation.