Paying for Defense

Paying for Defense

Paying for Defense

Paying for Defense

Excerpt

This book is a study of fiscal policy, focussed on the problem of blocking inflation, but stressing also the need to use fiscal powers to stimulate production, to guide production into channels helpful to defense, and to distribute defense burdens fairly. A positive program is presented, resting chiefly on a dynamic use of personal income taxation on a scale not hitherto attempted in this country, with emphasis on prompt collection. As will be seen from the chapters on price control and monetary policy, the authors have no delusions that fiscal policy alone can keep the price system in order. But while sound fiscal policy is not all-sufficient, it is essential.

The division of authorship of the book -- which originated as a set of special reports on various aspects of the fiscal problem -- is indicated by the footnotes set at the beginning of the individual chapters. Two of the authors, however -- Margaret G. Reid and Walter W. Wilcox -- do not appear as writers of underlying drafts for any individual chapters. Their contributions in helping to plan the study, and to edit and coordinate the early drafts of most of the chapters, are diffused throughout the book. Except for the chapters on foreign experience, which were revised by their individual authors, the final rewriting and editing was done by A. G. Hart and E. D. Allen.

Outside the group of authors, substantial contributions to the book were made by Milton Friedman of the University of Wisconsin, who advised on the use of national income data in tax estimation, and by Walter Heller, also of the University of Wisconsin, who advised on the taxation of small incomes. Neither of these, however, shares responsibility for the presen-

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