Never before had so many taxpayers seemed so honest. Without even a telephoned prod from an Internal Revenue agent, some 111,000 of them had, since March 15, poured into the Treasury a record $170,000,000 in additional taxes on income which they had not reported. One man who remembered that he had forgotten to report a few items of income dug down voluntarily for $2,000,000.

Treasurymen were not fooled. The wave of suddenly recovered memories dovetailed with another record: a whopping $1,102,000,000 in extra taxes and penalties collected from taxpayers who had tried to short-change the Government and had got caught...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!