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133: Heading “Over There:” “Black Jack” Pershing & Creating WWI’s American Expeditionary Force

History That Doesn't Suck

CHAPTER

The Importance of Liberty in the Great War

The War Revenue Act of 1917 increases corporate taxes to 6%. For personal income taxes, it lowers exemptions and raises the highest tax bracket on multi-million dollar earners from 13% to 67%. 15% of American families are paying income tax now, and the top 1% is furnishing 80% of the revenue. That will only cover about one-third of the war's cost, so Treasury Secretary William McAdoo turns to war bonds.

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