In a 1920 journal article published in the " American Economic Review ", Fairchild proposed a restructuring of the post-war U . S . federal taxation system in light of calls for the repeal of the excess profits tax enacted during wartime.
22.
The President requested the largest peacetime defense program to that point in American history, and, by the end of the summer, Congress had enacted $ 13 billion in defense authorizations and appropriations, a military draft, income tax revisions, an excess profits tax, and related measures.
23.
Since the 1910s Sterrett was involved in public serves for the Federal Government, started with his participation in the Commission on Economy and Efficiency in 1911 and in the Excess profits tax during World War I . Merino ( 2014 ) summarized that " his work after World War I would bring him international recognition.
24.
For some reason, paying for wars was never as popular with the tax-paying classes as going to war in the first place, but as the book points out, astute politicians can tap into relatively popular taxes like excess profits taxes, since war profiteering is frowned on by the public at large.
25.
The "'Special Preparedness Fund Act of 1917 "'provided for a special preparedness fund for army, navy, and fortification purposes through an excess profits tax on corporations and partnerships equal to 8 % of the amount by which their net income exceeded $ 5, 000 plus 8 % of the actual capital invested .
