Federal Taxes and Defense Financing

Archive Report


The right to reproduce material contained in Editorial Research Reports is strictly reserved to the newspaper clients of the service. Verbatim use of such material by others will be permitted only upon written authorization of the editor.

Richard M. Boeckel, Editor

Plans for new Defense Loans and Taxes

Complementing its appropriation of unprecedented sums for expenditure on national defense, Congress in the summer and autumn of 1940 passed two tax bills calculated to yield, when in full effect, approximately $2,000,000,000 of additional revenue annually. Despite this action, Congress will be obliged, in view of the magnitude of defense expenditures already authorized and the prospect of still heavier defense spending in the future, to levy additional taxes at the next session. Since President Roosevelt has made known his ...

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