Abstract

Editorials
September 14, 1918 issue

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The new revenue bill, reported in the U.S. House last week, represents in some respects the high-water mark thus far reached in war financing. Not only does it call for a sum unprecedented in tax history, but it discloses a wholesome purpose to continue meeting a high proportion of enormous financial outlay by taxation and not by borrowing. The bill calls renewed attention to the gains made in the Federal revenue system by giving up the old dependence on a customs tariff, and by relying instead upon income and business taxes. In the first year of the Civil War, more than 95 percent of revenues came from customs duties.

See Also:

TAXATION -- United States; CIVIL war; REVENUE; TARIFF; ECONOMIC policy; UNITED States
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