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| VI. EFFECT OF TAX ON CONSUMER PRICES A. Incidence and Shifting The theoretical justification of the tax indicates that the tax ought to be viewed as an additional cost of doing business. /46/ Therefore, in theory, the tax should be amenable to shifting. The nature of the components of the tax base suggests that the incidence and shifting of the tax will be a complex of forward and backward shifting and no shifting at all. That portion of the tax attributable to net earnings probably will not be shifted. In the short run, that portion of the tax attributable to interest payments on long-term debts, net rents and royalties also must be borne by the taxpayer since the payments are fixed by contract. For these three business shares, the incidence of the net value added tax can be considered as similar to that of additional corporation income and individual income taxes. /47/ Under the general economic conditions expected to prevail during the period of rearmament, that portion of the tax attributable to the distributive shares of interest payments on short-term debts, wages and salaries will tend to be shifted forward. These shares probably account for more than 63 percent of the total tax base /48/ and, consequently, the major portion of the tax is likely to be shifted forward. If, in addition, the portion of tax based on entrepreneurs' withdrawals (i. e., wages of management) is also shifted forward, like wages and salaries, the shiftable portion of the tax will approximate 80 percent of the total tax. /49/ Thus, it can be said that roughly three-fifths to four-fifths of the tax generally would tend to be shifted forward as higher prices of finished goods and services. Insofar as the incidence of the tax is on consumers, the burden of the tax will be regressive and not according to the principle of ability-to-pay. However, in any one industry marked by great differences in tax base among competitors due to great variations in the amount of labor cost per unit of output, it may be that labor-using producers will not be able to shift much of their tax forward. The demand for skilled labor probably will continue to increase for some time under the rearmament program and, consequently, it cannot be expected that labor-using producers generally would be able to shift part of the tax backward to skilled labor. In the case of unskilled labor, unions and minimum wage laws also will tend to limit the amount of backward tax shifting. Thus, the labor-using producers will tend either to absorb a good deal of the tax or change to more capitalistic methods of production. However, either method of adjustment to the tax would tend to limit the level of total employment, at least in the short run. This tendency might become an important source of economic disturbance under economic conditions expected to follow the rearmament program. B. Multiple Taxation One advantage claimed for the net value added tax is the avoidance of multiple taxation such as occurs under a turnover tax and to a limited extent under either a manufacturers' or wholesalers' single-stage tax. /50/ Under sales taxes, multiple taxation may be defined as the accumulation of tax in the final sales price of a finished article that is due to (1) the taxation of the finished article at the time of various sales transactions previous to the final sale and (2) the taxation of other articles that enter into the cost of producing the finished article. The net value added tax avoids such multiple taxation almost completely by allowing as deductions from gross income of a tax-payer all purchases from another producer. However, in the case of forward shifting of tax by producers at stages of production and distribution preceding final sale for consumption, some accumulation of tax could occur, but it appears that any such accumulation would be unimportant. This accumulation could occur because the tax shifting of selling producers would require additional capital investment on the part of purchasing producers to handle a given physical volume of output. Since either interest or profits would be charged against the additional capital investment and both interest paid and profits earned are in the tax base, it may be said that some accumulation of tax would occur under the net value added tax due to multiple-stage taxation. However, insofar as increases in consumer prices are concerned, only the additional tax due to additional interest payments is likely to be shifted forward. Since interest is a relatively unimportant fraction of the tax base, any additions thereto on account of larger capital requirements under the not value added tax may be perceptible but hardly appreciable. Consequently, no significant price increases can be expected as a result of multiple taxation. C. Pyramiding Another advantage claimed for the net value added tax as compared to sales taxes is the avoidance of pyramiding. /51/ Pyramiding may be said to occur when a sales tax, levied on articles at early stages of production and distribution, is shifted forward and producers at later stages of production and distribution mark up the tax-increased prices of articles purchased at their customary rates of gross margin. In this way the tax becomes the base for further price increases and final purchasers pay a price that is greater than can be justified by the amount of tax collected by government. Pyramiding is not to be confused with multiple taxation, for the latter is an accumulation of tax that government receives while the former is a tax-induced addition to a seller's spread or margin that is not received by government. Contrary to the claims of proponents of the net value added tax, pyramiding is just as likely to occur under this form of tax as it is under a sales tax. That is, the net value added tax embodies the essential elements necessary to pyramiding: (1) the tax is levied at multiple stages of the production and distribution process and (2) a large portion of the tax appears likely to be shifted forward, at least during the next few years. Consequently, to the extent that producers and distributors use "costing" and "pricing" policies based on gross mark-up of purchases, pyramiding will occur, subject to such limitations as are forced by competition or governmental action. However, competition and government controls also are limiting factors to pyramiding in the case of sales taxes. Therefore, it does not appear valid to claim that the net value added tax bears an advantage over sales taxes with respect to pyramiding. In summary, under the net value added tax price increases can be expected to occur as a consequence of the forward shifting of roughly three-fifths or more of the tax and the pyramiding of the forwardly shifted tax. Little, if any, price increases can be expected as a consequence of multiple taxation. Finally, the distribution of the burden of the tax, insofar as it is shifted forward, is similar to the distribution of the burden under sales taxes and, consequently, is regressive. VII. ADMINISTRATIVE PROBLEMS The nature of the administrative problems already has been indicated throughout the analysis of the net value added tax. The analysis refutes the belief that "the tax can be applied even to the smallest business concerns whose accounting may be quite imperfect." /52/ All of the administrative problems that are likely to arise under as complicated a tax as the net value added tax cannot be foreseen. The following discussion is presented as a recapitulation of some of the more important administrative problems. A. Similarity to Corporation Net Income Tax The tax embraces many of the gross income and deductions items of the corporation net income tax and the computation of the net value added tax base is analogous to the computation of the corporation net income tax base. Consequently, the administrative problems likely to arise under the tax, in large part, would be similar to those under the corporation income tax. In addition, there is sufficient dissimilarity between the two taxes so that problems which have not arisen under the corporation income tax may arise under the net value added tax. Exhibit 2 summarizes some of the accounting similarities and dissimilarities of the net value added tax as compared to the corporation net income tax and a general sales tax. Because cost of goods sold (and cost of operations) contains the largest portion of tax base, cost of goods sold and changes in physical inventories attain a new significance under the net value added tax. Separate presentation of taxable and nontaxable portions of these accounts will be necessary for the proper administration of the tax. Other costing problems affecting the tax base appreciably also will arise, such as was indicated above with respect to capital goods produced and consumed by the taxpayer over more than one accounting period. Some of the costing problems may be resolved arbitrarily by formula, as indicated with respect to tax-free exports and articles sold to governments. B. Adequacy of Books and Records Exhibit 2 shows clearly the need for adequate books and records if the net value added tax is to be administered uniformly and efficiently. The fundamental requisite of adequate books and records raises the question of the administrative practicability of applying the tax to small "producers" such as are found in great numbers in the industries of agriculture, trade, and service. The general opinion is that such producers have inadequate books and records for as complicated a tax as the net value added tax. C. Problem of Large Numbers of Taxpayers Even if all producers with less than $20,000 gross income are exempt, the available data indicate that there would be about 960,000 taxpayers, not including the possible taxpayers in the finance industry and an unknown number of "miscellaneous" producers. The 1938 corporation net income tax returns show that 520,000 /53/ corporations filed returns and that 170,000 had net incomes. Thus, even with the $20,000 gross income exemption there might be twice as many taxpayers under the net value added tax as there are returns under the corporation income tax. If in addition to the $20,000 gross income exemption the industries of agriculture, trade, service, finance, and miscellaneous were entirely exempt, there might be a out 250,000 taxpayers under the net value added tax compared to 170,000 taxpayers under the corporation income tax in 1938. The comparisons made with respect to the number of taxpayers under the net value added tax and under either the manufacturers' or wholesalers' sales tax also showed appreciably larger numbers of taxpayers under the net value added tax. /54/ The large number of possible taxpayers, even under very liberal exemption provisions, indicates the size of the administrative program required to collect the net value added tax. When the problems of adequacy of books and records and large numbers of taxpayers are considered, the practical scope of the tax may very well be limited to corporations only. Thus, although the tax may be recommended as a general business tax applicable to all forms of business organization in return for benefits received in common by all businesses from the maintenance of a favorable business framework and environment by government, /55/ practical considerations of effective administration may limit the tax to corporations. In addition, it appears that a special tax base designed specifically for financial corporations would be necessary if they are to be taxed on a uniform basis compared to other taxpayers.
[Part 1 of 2]
Table 1
Approximate net value added and number of business units by
industrial groups, 1939: (a) assuming no exemptions, (b) assuming
units with less than $20,000 gross income are exempt from the tax
(Money figures in millions of dollars and number of business units in
thousands)
--------------------------------------------------------------
No exemptions
Value added Number of
Industry ("income business
produced") units
--------------------------------------------------------------
1. Agriculture $ 5,635 6,800
2. Mining 1,210 25
3. Electric light and power, and
gas 1,384 2
4. Manufacturing 15,425 184 /2/
5. Construction 2,148 150
6. Transportation 4,800 300
7. Communication 863 51
8. Trade 9,135 1,973 /2/
9. Finance 5,983 150
10. Service 8,374 1,500
11. Miscellaneous 3,319 /3/
12. Social security contributions
of employers /1/ 1,196 -
Total $59,472 11,135
--------------------------------------------------------------
[Part 2 of 2]
Table 1
Approximate net value added and number of business units by
industrial groups, 1939: (a) assuming no exemptions, (b) assuming
units with less than $20,000 gross income are exempt from the tax
(Money figures in millions of dollars and number of business units in
thousands)
---------------------------------------------------------------------
$20,000 gross income exemption
Value added Number of
Industry ("income business
produced) units
---------------------------------------------------------------------
1. Agriculture $ 1,127 27
2. Mining 1,174 14
3. Electric light and power, and
gas 1,384 2
4. Manufacturing 15,271 129 /2/
5. Construction 1,718 60
6. Transportation 4,656 40
7. Communication 863 1
8. Trade 8,222 608 /2/
9. Finance /3/ /3/
10. Service 2,780 75
11. Miscellaneous /3/ /3/
12. Social security contributions
of employers /1/ 1,196 /4/ -
Total $38,391 956
---------------------------------------------------------------------
FOOTNOTES TO TABLE
Treasury Department, Division of Tax Research
Source: See attached exhibit.
/1/ Not distributed by industrial groups.
/2/ Number of "establishments" rather than legal entities.
/3/ Not estimated.
/4/ Unadjusted.
END OF FOOTNOTES
[Part 1 of 2]
Sources of data used in Table 1
------------------------------------------------------------------
Industry Column 1 Column 2
------------------------------------------------------------------
1. Agriculture U. S. Department of U. S. CENSUS OF
Commerce, AGRICULTURE: 1935,
unpublished Vol. I, p. xvi.
data.
2. Mining do STATISTICS OF INCOME
1937, Part 1, p. 28,
and Part 2, p. 50.
TREASURY BULLETIN,
July 1940, p. 3.
3. Electric light do STATISTICS OF INCOME,
and power, 1937, Part 2, p. 54.
and gas
4. Manufacturing do BIENNIAL CENSUS OF
MANUFACTURES, 1939,
Preliminary summary,
Dec. 29, 1940, p. 1.
5. Construction do HEARINGS BEFORE THE
TEMPORARY NATIONAL
ECONOMIC COMMITTEE,
Part 11, pp. 5181,
5504.
6. Transportation U. S. Department of U. S. Department of
Commerce, Commerce, unpublished
unpublished data. CENSUS
data OF BUSINESS: 1935,
"Motor Bus
Transportation",
pp. 7, 19,
and "Motor Trucking
for Hire," pp. 8, 21.
STATISTICS OF INCOME,
1937, Part 2, pp. 54,
55.
7. Communication do CENSUS OF ELECTRICAL
INDUSTRIES, 1937,
"Telephones and
Telegraphs."
8. Trade do CENSUS OF BUSINESS:
1939, "Wholesale
Trade," preliminary
summary, Dec. 19,
1940, p. 1; and
"Retail Trade,"
preliminary
summary,
Dec. 17, 1940, p. 1.
CENSUS OF BUSINESS:
1935, "Retail Dis-
tribution," Vol. I,
p. -1-26, and "Whole-
sale Distribution,"
Vol. I, p. 40.
9. Finance U. S. Department of STATISTICS OF INCOME,
Commerce, 1937, Part 1, p. 28,
unpublished
data. and Part 2, pp. 56,
57. TREASURY
BULLETIN, July 1940,
p. 5. CENSUS OF
BUSINESS: 1935, "Banks,"
p. vii; "Financial
Institutions other
than Banks," p. 1:
and "Insurance," p. 15;
and "Real Estate
Agencies," p. 1.
10. Service do U. S. Department of
Commerce, unpublished
data. STATISTICS OF
INCOME, 1937, Part 1,
p. 28, and Part 2,
p. 56. TREASURY
BULLETIN, July 1940,
p. 4.
11. Miscellaneous do --
------------------------------------------------------------------
[Part 2 of 2]
Sources of data used in Table 1
----------------------------------------------------------------
Industry Column 3 Column 4
----------------------------------------------------------------
1. Agriculture Arbitrary assumption. Same as Col. 2.
Also, FIFTEENTH
CENSUS OF THE
UNITED STATES: 1930,
"Agriculture,"
Vol. IV, p. 891.
2. Mining STATISTICS OF Same as Cols. 2 and
INCOME, 1937, Part 2, 3.
pp. 91, 92.
3. Electric light STATISTICS OF Same as Col. 2.
and power, INCOME, 1937, Part 2,
and gas pp. 129, 130
4. Manufacturing BIENNIAL CENSUS OF Same as Cols. 2 and
MANUFACTURES, 1937, 3.
special tabulation
published in
STATISTICAL ABSTRACT
OF THE UNITED STATES,
1939, p. 773.
5. Construction STATISTICS OF INCOME, Same as Col. 2.
1937, Part 2,
pp. 127, 128.
6. Transportation CENSUS OF BUSINESS: Same as Col. 2.
1935, "Motor Bus Also, STATISTICS
Transportation," OF INCOME, 1937,
p. 7, and "Motor Part 2, pp. 129,
Trucking for Hire," 130.
p. 8. STATISTICS
OF INCOME, 1937,
Part 2, pp. 129,
130.
7. Communication Arbitrary Same as Col. 2.
assumption.
8. Trade CENSUS OF BUSINESS: Same as Col. 2.
1935, "Wholesale Also CENSUS OF
Distribution," Vol.I, BUSINESS: 1935,
p. 8, and Vol. VI, "Wholesale
p. 8, and "Retail Distribution,"
Distribution," Vol.I, Vol. VI, p. 8,
p. -1-22, and Vol.VI, and "Retail
pp. 156, 157. Distribution,"
Vol. VI, pp. 156,
157.
9. Finance -- --
10. Service U. S. Department of Same as Col. 2.
Commerce, "National Also, CENSUS OF
Income in the United BUSINESS, 1935,
States, 1929-1935," "Service
Establishments,"
p. 209. CENSUS OF
BUSINESS: 1935, Vol. I, pp. 18-
"Service 20.
Establishments,"
Vol. I,
pp. 18-20.
11. Miscellaneous -- --
----------------------------------------------------------------
[Part 1 of 2]
Table la
Approximate net value added and number of business units by
industrial groups, 1935: (a) assuming no exemptions, (b) assuming
units with less than $20,000 gross income are exempt from the tax
(Money figures in millions of dollars and number of business units in
thousands)
--------------------------------------------------------------
No exemptions
Value added Number of
Industry
("income business
produced") units
--------------------------------------------------------------
1. Agriculture $ 5,276 6,800
2. Mining 1,028 25
3. Electric light and power, and
gas 1,152 2
4. Manufacturing 12,402 168 /2/
5. Construction 964 125
6. Transportation 4,133 240
7. Communication 723 51
8. Trade 7,608 1,831 /2/
9. Finance 5,131 160
10. Service 6,828 1,450
11. Miscellaneous 2,695 /3/
12. Social security contributions
of employers /1/ 7 -
Total 47,947 10,852
--------------------------------------------------------------
[Part 2 of 2]
Table la
Approximate net value added and number of business units by
industrial groups, 1935: (a) assuming no exemptions, (b) assuming
units with less than $20,000 gross income are exempt from the tax
(Money figures in millions of dollars and number of business units in
thousands)
---------------------------------------------------------------------
$20,000 gross income exemption
Value added Number of
Industry
("income business
produced") units
---------------------------------------------------------------------
1. Agriculture $ 1,055 27
2. Mining 997 14
3. Electric light and power, and
gas 1,152 2
4. Manufacturing 12,278 117 /2/
5. Construction 771 45
6. Transportation 4,009 34
7. Communication 723 1
8. Trade 6,847 560 /2/
9. Finance /3/ /3/
10. Service 2,267 44
11. Miscellaneous /3/ /3/
12. Social security contributions
of employers /1/ 7 /4/ -
Total 30,106 844
---------------------------------------------------------------------
FOOTNOTES TO TABLE
Treasury Department, Division of Tax Research
Source: See attached exhibit.
/1/ Not distributed by industrial groups.
/2/ Number of "establishments" rather than legal entities.
/3/ Not estimated.
/4/ Unadjusted.
END OF FOOTNOTES
[Part 1 of 2]
Sources of data used in Table la
----------------------------------------------------------------
Industry Column 1 Column 2
----------------------------------------------------------------
1. Agriculture U. S. Department of U. S. CENSUS OF
AGRICULTURE,
Commerce, SURVEY OF 1935,
CURRENT BUSINESS, Vol. I, p. xvi.
June 1940, p. 7.
2. Mining do STATISTICS OF INCOME,
1935, Part 1, p. 24,
and Part 2, p. 34.
TREASURY BULLETIN,
July 1940, p. 3.
3. Electric light do STATISTICS OF INCOME,
and power, 1935, Part 2, p. 37.
and gas
4. Manufacturing do BIENNIAL CENSUS OF
MANUFACTURES, 1937,
Part I, p. 22.
5. Construction do CENSUS OF BUSINESS,
1935, "Construction
Industry," Vol. I,
p. 1. HEARINGS BE-
FORE THE TEMPORARY
NATIONAL ECONOMIC
COMMITTEE, Part II,
pp. 5181, 5504.
6. Transportation U. S. Department of U. S. Department of
Commerce, SURVEY OF Commerce,
unpublished
CURRENT BUSINESS, data. CENSUS OF
June 1940, p. 7. BUSINESS: 1935,
"Motor Trucking
for
Hire", pp. 8, 21,
and "Motor Bus
Transportation,"
pp. 7, 19.
STATISTICS
OF INCOME,
1935, Part 2, p. 37.
7. Communication do CENSUS OF
ELECTRICAL
INDUSTRIES, 1937,
"Telephones and
Telegraphs."
8. Trade do CENSUS OF BUSINESS:
1935, "Retail
Distribution,"
Vol. I,
pp. -1-05, -1-26,
and "Wholesale
Distribution,"
Vol. I,
pp. 17, 40.
9. Finance U. S. STATISTICS OF INCOME,
Department of
Commerce, SURVEY OF 1935, Part 1, p. 24,
CURRENT BUSINESS, and Part 2, p. 39.
June 1940, p. 7. TREASURY BULLETIN,
July 1940, p. 5.
CENSUS OF
BUSINESS:
1935, "Banks,"
p. vii; "Financial
Institutions other
than Banks," p. 1;
"Real Estate
Agencies,"
p. 1; and "Insurance,"
p. 15.
10. Service do U. S. Department of
Commerce,
unpublished
data. STATISTICS OF
INCOME, 1935, Part 1,
p. 24, and Part 2,
pp. 38-39. TREASURY
BULLETIN, July 1940,
p. 4.
11. Miscellaneous do -
----------------------------------------------------------------
[Part 2 of 2]
Sources of data used in Table la
---------------------------------------------------------------------
Industry Column 3 Column 4
---------------------------------------------------------------------
1. Agriculture Arbitrary assumption. Same as Col. 2.
Also, FIFTEENTH
CENSUS OF THE
UNITED STATES:
1930; "Agriculture,"
Vol. VI,
p. 891.
2. Mining STATISTICS OF INCOME, Same as Cols. 2
1937, Part 2, pp. 91, and 3.
92.
3. Electric light STATISTICS OF INCOME, Same as Col. 2.
and power, 1937, Part 2, pp. 129,
and gas 130.
4. Manufacturing BIENNIAL CENSUS OF Same as Cols. 2.
MANUFACTURES, 1937, and 3.
special tabulation
published in
STATISTICAL ABSTRACT
OF THE UNITED STATES, 1939
p. 773.
5. Construction STATISTICS OF INCOME, Same as Col. 2.
1937, Part 2, pp. 127,
128.
6. Transportation CENSUS OF BUSINESS: Same as Cols. 2
1935, "Motor Truck- and 3.
ing for Hire," p. 8,
and "Motor Bus
Transportation,"
p. 7. STATISTICS OF
INCOME, 1937, Part 2,
pp. 129, 130.
7. Communication Arbitrary Same as Col. 2.
assumption.
8. Trade CENSUS OF BUSINESS: Same as Cols. 2
1935, "Wholesale and 3.
Distribution,"
Vol. I, p. 17, and
Vol. VI, p. 8; and
"Retail Distribution,"
Vol. I,
p. -1-22, and
Vol. VI, pp. 156,
157.
9. Finance - -
10. Service U. S. Department of Same as Col. 2.
Commerce, NATIONAL Also, CENSUS OF
INCOME IN THE UNITED BUSINESS: 1935,
STATES, 1929-1935, "Service
Establishments,"
p. 209. CENSUS OF
BUSINESS: 1935, Vol. I, pp. 18-20
"Service
Establishments,"
Vol. I, pp. 18-20.
11. Miscellaneous - -
---------------------------------------------------------------------
Table 2
National income produced by distributive shares, presented as
percentages of gross income of selected industrial groups,
1929-1934
---------------------------------------------------------------------
Industry 1929 1930 1931 1932 1933 1934
---------------------------------------------------------------------
a. Income produced
1. Agriculture 59.1 56.1 50.8 44.1 52.9 61.6
2. Mining 47.5 40.1 33.2 27.1 29.6 35.2
3. Electric light and
power, and gas 54.4 49.2 46.7 44.0 42.2 41.6
4. Manufacturing 28.5 26.2 24.0 20.9 25.6 27.3
5. Construction 46.1 49.3 45.5 40.3 38.5 38.7
6. Communication 71.9 69.4 66.5 62.8 60.3 62.5
7. Trade 9.3 9.3 9.4 9.0 10.1 9.7
b. Compensation of employees /1/
1. Agriculture 10.8 11.3 11.4 9.9 8.2 7.5
2. Mining 41.0 43.2 47.2 38.6 38.1 36.4
3. Electric light and
power, and gas 22.4 21.8 19.8 17.0 15.8 16.7
4. Manufacturing 21.9 23.7 25.1 26.3 23.5 24.2
5. Construction 39.1 43.0 42.0 45.1 40.5 37.7
6. Communication 50.3 50.7 47.8 46.0 43.3 44.9
7. Trade 6.6 7.6 8.2 8.5 7.6 7.4
c. Entrepreneurial withdrawals /2/
1. Agriculture 37.5 41.4 45.4 46.5 38.5 37.0
2. Mining .8 1.0 1.7 1.9 1.8 1.3
3. Electric light and
power, and gas - - - - - -
4. Manufacturing .6 .6 .7 .6 .6 .5
5. Construction 6.3 7.7 7.9 9.8 8.5 7.3
6. Communication - - - - - -
7. Trade 2.1 2.3 2.7 3.1 2.7 2.4
d. Net interest paid /3/
1. Agriculture 2.5 2.7 3.2 3.6 3.2 2.5
2. Mining 1.2 1.3 2.0 2.1 2.0 1.4
3. Electric light and
power, and gas 15.0 15.6 17.7 19.9 20.0 19.3
4. Manufacturing .3 .5 .6 .7 .6 .5
5. Construction .3 .3 .4 .7 .6 .5
6. Communication 3.0 2.8 3.2 4.6 5.2 5.2
7. Trade /4/ .1 .1 .1 .1 .1
e. Net dividends paid plus business savings /5/
1. Agriculture 8.5 .7 - 9.2 -15.9 3.0 14.6
2. Mining 4.5 - 5.4 -17.7 -15.5 -12.3 - 3.9
3. Electric light and
power, and gas 17.0 11.8 9.2 7.1 6.4 5.6
---------------------------------------------------------------------
FOOTNOTES TO TABLE
/1/ ***
/2/ ***
/3/ ***
/4/ ***
/5/ ***
END OF FOOTNOTES
Table 3
Salaries and wages as a percent of value of products
for selected industries, 1937
(Figures in percent)
---------------------------------------------------------------------
Industry Salaries and
wages
---------------------------------------------------------------------
Average of all industries reported in Census 21.1%
Cigarettes 2.9
Condensed and evaporated milk 6.3
Soap 8.9
Motor Vehicles, not including motorcycles 11.8
Billiard and pool tables, bowling alleys and
accessories 12.0
Tincans and other tinware n.e.c. 13.5
Bluing 13.5
Drugs and medicines 14.2
Bags, paper, exclusive of those made in paper mills 15.3
Curtains, draperies, and bedspreads - regular factories 15.6
Oilcloth 16.1
Confectionery 18.0
Liquors - malt 19.6
Matches 20.3
Bread and other bakery products 23.8
Underwear, men's - regular factories 24.6
Radios, radio tubes and phonographs 25.1
Agricultural implements (including tractors) 25.9
Fireworks and allied products 26.5
Boots and shoes other than rubber 28.7
Beauty shop equipment, except furniture 28.8
Silverware and plated ware 30.8
Furniture, including store and office fixtures 32.5
Jewelry 32.7
Photographic apparatus and materials and projection
apparatus 34.3
Cash registers, adding and calculating machines and
other business machines, except typewriters 34.7
Saws 35.5
Printing and publishing 35.8
Machine tools 39.9
Files 41.4
Engraving (other than steel, copperplate, or wood)
chasing and etching 42.4
Aircraft and parts 44.0
Gloves and mittens, knitted 44.3
Pottery, including porcelain ware 47.3
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Treasury Department, Division of Tax Research |
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