The income tax has been greatly increased and the exemption limit
lowered. New taxes have been imposed on corporate and individual
profits, all profits arising out of the war have been penalized, and the
old levies greatly increased. War taxes, customs duties, and internal
revenue collections have brought in nearly $1,500,000,000. While the
greater part of the war income and excess profits taxes are not due
until June, the Treasury had collected in internal revenue taxes a
total of $566,267,000 to March 12, 1918, and had sold $1,255,000,000 in
certificates of indebtedness, which are receivable in payment of
internal revenue taxes.
The Government has taken possession of and is operating all enemy-owned
enterprises. At the same time, through a Federal Farm Loan Bureau,
assistance is being given to farmers at reasonable rates of interest in
providing the means for raising crops, needed in greater abundance than
ever to feed the army and navy and civilian population and the peoples
of the allied countries.
One of the first acts of the Administration after the declaration of war
was aimed at putting a curb on the rising prices of the necessities of
life. Herbert C. Hoover was appointed National Food Administrator, and
after long delay his appointment was confirmed by the Senate. It was
criticised, but Mr. Hoover has succeeded not only in bringing down the
price of such necessaries as wheat, flour, sugar, coffee, meat, and
lard, but by various devices and appeals to public sentiment has brought
about a voluntary reduction of consumption and a consequent great
increase in the amounts of food which America has been able to send
abroad.