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McGovern Proposes 37 Percent War Profits Tax
Senator George McGovern and 14 Democrats push a 37 percent levy on defense industry profits from the Vietnam war to replace the 10 percent income tax, arguing similar wartime taxes in past conflicts proved feasible. prospects are uncertain as Republicans doubt rapid congressional approval. McGovern cites World War I II and Korea taxes as precedent and estimates the revenue at 9.5 to 10 billion dollars annually. Mansfield supports the idea as a realistic proposal, while others view the effort mainly as a record on the issue.
MENTIONED IN THIS ARTICLE
Washington
George S. McGovern
McGovern
John d. Williams
Del
Williams
Senate Finance Committee
South Dakota
Senate
Mike Mansfield
Mansfield
Tse
Vietnam