Honolulu Record, August 19, 1948, vol. 1 no. 2, p. 3
Washington— President Truman's proposal for a $4.3 billion tax on excess profits was left begging as Congress adjourned its special session. Rep. John D. Dingell (D. Mich.) who was selected to sponsor the bill said, "With corporate profits after taxes nearly 100 per cent above the level of 1943, the consuming public is entitled to protection from peacetime profiteers." The tax was supposed to help fight inflation by removing surplus purchasing power from the corporations. It was also expected to act as a bar to further price increases since a great part of the increases "would be paid over to the government."