Knowledge that Transforms

Nature of the study, 84. — Underlying assumptions of the study, 86. — I. Previous earnings of the representative consolidation compared with actual earnings, 90. — II. Estimated earnings of the representative consolidation compared with actual earnings, 91. — III. First-year earnings of the representative consolidation compared with later earnings, 93. — Table of fundamental data, 95.

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.

I. Marx's view of history is technological not economic. — II. The social process according to Marx, 75. — III. Technological changes, the class struggle and human adjustments to environment, 75. — IV. Forces lying back of technological evolution, according to Marx and Engels: extension of markets, development of science, cosmic evolution, 78. — V. The Marxian view against the background of fundamental factors and forces, 80. — VI. Criticism of the Marxian theory, 82. — VII. Conclusion, 83.

The current doctrine stated, 394. — In fact, demand often does not respond to price in the way assumed, 396. — The penumbra of indeterminate prices, 397. — Cases of fixed seasonal supply, 398. — Supplies that can be carried over, 400. — The demand curve not always negatively inclined, 402. — Speculation does not necessarily stabilize prices, 403. — Commodities produced continuously, 403. — Stock exchange dealings, 405. — The traditional grounds for justifying speculation not applicable to stock exchange dealings, 407. — Application of the present reasoning to dumping, 409. — To war prices, 410. — Conclusion, 410.

The problem: what is the sound and enduring solution of the tax problem? I. The surtaxes. (1) The surtaxes excessive. Their declining yield, 529. — (2) Tax-free securities, 530. — (3) Can the leaks be stopped, 532. — (4) Tax morality, 536. — (5) Theory of surtaxes, 537. — (6) The scientific solution, 539. — The immediate solution, 540. — II. Income taxes on corporations and business. (8) The income tax as a producer's or business tax, 541. — (9) Relation between personal and business income taxes, 542. — (10) The proposed corporation surtax, 544. — III. Basis of the Business Tax, 548. — (11) Shifting, 548. — (12) Simplicity versus equity, 551.