“New Deal Arithmetic” (October 14, 1940)
by Milton Rawson Halladay (1874-1961)
15 x 16.5 in., ink on board
Halladay was a native of Vermont and a noted political cartoonist for the Providence Journal (Rhode Island) for nearly fifty years (1900-1947). His cartoons were published in countless other newspapers and magazines. He has been called “one of the deans of American political cartooning.” His cartoon commemorating the death of Thomas A. Edison was a runner-up for the Pulitzer Prize.
The US economic recovery from the Great Depression was built upon taxes, and particularly by taxing those who trafficked in greater amounts of money: the high income earners and businesses.
Public, No. 801, Second Revenue Act of 1940, approved October 8, 1940, amends the Internal Revenue Code by increasing the normal corporate tax rate of corporations having a normal tax net income in excess of $25,000.