Should the Excess Profits Tax be Repealed

Thomas S. Adams

The Quarterly Journal of Economics, 1921, vol. 35, issue 3, 363-393

Abstract: I. Theory and practise of the excess profits tax, 364.—II. Reasons for immediate repeal, 369. — 1. Prevailing opinion, 369. — 2. The income tax endangered, 370. — 3. Danger of administrative collapse, 371. — 4. "Invested capital" an insoluble problem, 374. — III. Theory of the present law: invested capital, 376. — The Excess Profits Credit, 380. — The Personal Equation, 384. — Borrowed capital, 385. — IV. Can the tax be perfected? Administrative discretion, 386. — Pre-war profits, 388. — True normal deduction, 389. — Scope of the tax, 390. — Future of the tax, 392.

Date: 1921
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