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Over the Wire

Profits Tax

By United Press

WASHINGTON--President Roosevelt signed the excess profits tax-plan amortization bill, designed to speed rearmament, prevent growth of "war millionaires," and raise $1,000,000,000 annually of new revenue, the White House revealed today.

The second revenue act of 1940 imposes levies ranging from 25 to 50 percent on excess profits and authorized five-year amortization of new plant facilities constructed for defense material production.

A last-minute amendment also pro- vides low-cost insurance for all men serving in the armed forces, including regulars, conscripts and reservists and National Guardamen called into active duty

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