Profiteering

1. We must discipline all profiteers and manipulators who make the lot of the

people

hard and bitter with want and privation. (1920, p. 88)

2. We advocate support of the Nye Committee to investigate all the facts

connected

with the manufacture and sale of arms and other war materials and its proposed

legislation

to take the profits out of war. (1935, p. 63)

3. We advocate the nationalization of munitions industry and the adoption of

any measures

necessary to take the profits out of war. (1936, p. 65)

4. We oppose the creation of another generation of war millionaires,

therefore, we

favor a hundred percent excess profits tax on all war contracts. (1942, p.

98)

5. A time of war or mobilization is also a time when a danger of profiteering

is enlarged.

American business, agriculture and industry are entitled to a reasonable

profit commensurate

with both investment and risk. They are not entitled to profiteer through the

misery and tragedy of others. We call upon the Congress, therefore, to enact

such legislation as will provide that all profits beyond those which may be

considered

normal in peace time shall be utilized for the emergency defense needs of the

nation.

We are convinced that the exceptionally favorable profit picture of American

industry

makes it imperative that a substantially greater share of the defense load be

carried

first through further excess profit taxes on corporations before there are

additional increases in the personal income tax of the middle and lower

groups. ( 1951, p.

104)