Word: mcadoos
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...McAdoo's Mistake. From the U. S. Treasury's standpoint, the excess-profits tax of 1918 was a howling success. Together with the less lucrative war-profits tax, it raised $2,505,566,000 in its first year, was the Treasury's all-time-record money raiser. But it was one of the most unpopular taxes levied in the U. S. since the Boston Tea Party. Years later William Gibbs McAdoo, whose job was to collect it, wrote: "The unpopularity of the bill . . . was undoubtedly the most potent factor in the defeat of the Democrats...
Special provisions for cases of exceptional hardship merely added to the confusion. Most of the litigation centred around the complex problem of evaluating "invested capital." Carter Glass, McAdoo's successor, summarized the tax when he recommended its repeal in 1919: "It encourages wasteful expenditure, puts a premium on overcapitalization and a penalty on brains, energy and enterprise, discourages new ventures and confirms old ventures in their monopolies...
Austin Fellowships to Stephen K. Bailey, of Evanston, III.; George C. Bright 2G, Scranton, Pa.; William H. Cleveland Jr., of Austin, Tex.; George B. Cumming 2G, of Cambridge, Mass.; Richard Edwards 1G, of Englewood, N. J.; Robert R. Holt 1G, of Jacksonville, Fla.; Dale DeW. McAdoo 1G, of Cleveland, Ohio; Joe T. McCullough, of Painesville, Ohio; Grover C. Pitts 1G, of Richmond, Va.; James H. Soper 1G, of Hamilton, Ont., Canada; and Arthur R. Spurr, of Reseda, Calif...
Engaged. Mary Faith McAdoo, 20, daughter of ex-Senator William Gibbs McAdoo, granddaughter of the late Woodrow Wilson; and Gerald Griffith James, 24, a Walt Disney animator; in Los Angeles...
Second Varsity 150-pound: Robert Homans '40, stroke; George C. Cutler, Jr. '40, 7; Hallburton Fales, 2d '42, 6; Templeton Smith '40, 5; John S. Stillman '40, 4; Richard B. McAdoo '42, 3; Walter N. Rothschild, Jr. '42, 2; Eliot Hubbard, 3d '41, bow; Richard W. Palmer '42, coxswain...