Financing the Great War: A Class Tax for the Wealthy, Liberty Bonds for All

@article{Sutch2015FinancingTG,
  title={Financing the Great War: A Class Tax for the Wealthy, Liberty Bonds for All},
  author={R. Sutch},
  journal={History of Finance eJournal},
  year={2015}
}
  • R. Sutch
  • Published 2015
  • Economics
  • History of Finance eJournal
  • William Gibbs McAdoo, President Woodrow Wilson’s Secretary of the Treasury and ex officio Chairman of the Federal Reserve Board formulated the national plan to finance World War I. Against the advice of most economists of his time, he chose a mix of taxation (about one-third) and the sale of war bonds (two-thirds). He introduced a sharply progressive income tax schedule that taxed the wealthy class but left average Americans untaxed. To raise the balance needed McAdoo conceived of the Liberty… CONTINUE READING
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