As Congress adjourned after passing the $4.5 billion emergency tax bill, it made a solemn promise to itself: as soon as it comes back after the November elections, it would slap a retroactive excess profits tax on U.S. business to "take the profits out of war."
Nobody, least of all any responsible U.S. businessman, quarrels with anti-profiteering objectives. But is an excess profits tax the best way to accomplish it? The argument, unfortunately, has been obscured by such foggy conceits as New York's Fair Dealing Senator Herbert H. Lehman's plea for a tax because, "The mobilization of the profits dollar is...
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