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How States Pay for Wars$
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Rosella Capella Zielinski

Print publication date: 2016

Print ISBN-13: 9781501702495

Published to Cornell Scholarship Online: January 2017

DOI: 10.7591/cornell/9781501702495.001.0001

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Truman and the Korean War

Truman and the Korean War

Chapter:
(p.29) 2 Truman and the Korean War
Source:
How States Pay for Wars
Author(s):

Rosella Cappella Zielinski

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501702495.003.0003

This chapter focuses on the financing of the Korean War and its within-case variation. Korean War finance can be divided into two periods, from June 1950 to mid-1951 and from mid-1951 to the end of the war. During the first period, both the fear of inflation and support for the war effort were high. As a result, the Revenue Act of 1950, eliminating an excise tax reduction and increasing both corporate and individual income taxes, and the Excess Profit Tax Law of 1950 were swiftly signed into law. During the second period of Korean War finance, however, the political-economic landscape changed, and President Truman was only able to get half of what he requested in terms of revenue, as reflected in the Revenue Act of 1951.

Keywords:   Korean War, Korean War finance, 1950 Revenue Act, 1951 Revenue Act, 1950 Excess Profit Tax Law, taxes, Harry S. Truman, inflation

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