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War Taxes and How to Pay for the War Text Summary
Edwin R. A. Seligman argues against exclusive tax or loan funding for war costs. He estimates 1917-18 needs at about 1.8 billion with a shift toward balanced funding. He proposes principles for fair, scalable taxation including consumption, income, and excess profits taxes, with gradual rates and emphasis on the wealthy. He cites Great Britain’s experience and warns against tax excess that hurts industry, investment, and education. The plan favors a modest initial tax, robust excess-profits levies, revised income tax rates, and stable revenue from whisky, tobacco, stamps, and autos to total about 1.25 billion.
MENTIONED IN THIS ARTICLE
Edwin R. A. Seligman
McVickar
Columbia University
House of Representatives
Committee of ‘Ways and Means
Secretary of the Treasury
McAdoo
Great Britain
Senate