One hot day last May Inquisitor Pecora of the Senate Banking & Currency Committee asked Mr. J. P. Morgan:
"Did you pay income tax in 1930?"
"Did you pay income tax in 1931?"
"Did you pay income tax in 1932?"
Then and there, politics being what it is, a change in the U. S. tax laws became inevitable. The public was in no mood to see anyone as rich as Mr. Morgan escape paying income taxes, even in years when he had no net income. Into the Recovery Act a few days...