Tax Bite

In the first quarter of this year, 270 leading industrial corporations set aside 63-c- for Federal taxes out of every dollar earned, the National Industrial Conference Board reported last week. In 1941 it was 42-c-, in 1940 only 22-c-.

After taxes, first-quarter profits flopped 25% below 1941, although pre-tax profits were up 29%. After-tax profits were 14% below even the first quarter of 1940, though gross profits were up 114%. The 270 companies earned $817,395,000; after $546,580,000 in U.S. income taxes, had $270,815,000 left for shareholders.

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