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.

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.