Abstract
**■ repeal the wartime excess profits tax. The act imposing this tax was passed in October, 1940,1 which was a time of crisis; there was open war in Europe, France had fallen, and the United States was rearming. A presidential campaign was in progress. In January, 1948, and later in July, President Truman recommended that Congress again adopt an excess profits tax.2 Although there was no open war in Europe, 1948 was a new period of rearming. The military budget for the fiscal year 1949 was much larger than for the fiscal year 1941. A presidential election again was impending. Bills to carry into effect the President's recommendation for an excess
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