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The Current Tax Payment Act of 1943, Pub. L. 68, Ch. 120, 57 Stat. 126 (June 9, 1943), re-introduced the requirement to withhold income tax in the United States. Tax withholding had been introduced in the Tariff Act of 1913 but repealed by the Income Tax Act of 1916. The Current Tax Payment Act compelled employers to withhold federal income ...
The Office of Economic Stabilization was established within the United States Office for Emergency Management on October 3, 1942, pursuant to the Stabilization Act of 1942, as a means to control inflation during World War II through regulations on price, wage, and salary increases. [1]
OPA points are small vulcanized fibre red and blue ration tokens issued during World War II to make change for ration coupons. Approximately 1.1 billion red and 0.9 billion blue were produced, and even though many were collected and destroyed after the war, they are still quite common today. The red OPA points are a bit more common than the blue.
This proved inadequate in 1938, when a large share of Mefo's five-year promissory notes fell due, so the government employed "highly dubious methods" where "banks were forced to buy government bonds, and the government took money from savings accounts and insurance companies" in order to pay the holders of Mefo bills, due mainly to a serious ...
The United States home front during World War II supported the war effort in many ways, including a wide range of volunteer efforts and submitting to government-managed rationing and price controls. There was a general feeling of agreement that the sacrifices were for the national good during the war.
The government would normally borrow extra funds on the money market by offering a higher interest rate. However, because of the limit it was unable to do so. Additionally, a large, visible government deficit would have attracted attention. MEFO bills could be traded between companies, allowing for increased circulation of currency. [4]
The G.I. Bill, formally the Servicemen's Readjustment Act of 1944, was a law that provided a range of benefits for some of the returning World War II veterans (commonly referred to as G.I.s). The original G.I. Bill expired in 1956, but the term "G.I. Bill" is still used to refer to programs created to assist American military veterans.
Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency. [1] Most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be very problematic, risking severe inflation.