Treasury Secretary Henry Morgenthau appears before the House Ways and Means Committee in 1940

The transcript discusses the financial needs for national defense, highlighting a $5 billion target. Recommendations by Secretary Morgenthau are considered, leading to Treasury Department approval of proposals for a 10% income tax increase and additional taxes. The public's willingness to accept these sacrifices for adequate national defense is emphasized.

What is the total amount of money that needs to be raised according to the video?

• 10 billion dollars

• 5 billion dollars

• 1 billion dollars

• 3 billion dollars

Who made recommendations regarding the fundraising efforts?

• Secretary Morgenthau

• The Federal Reserve

• The President

• The Congress

What percentage increase in income taxes does the Treasury Department approve?

• 5%

• 15%

• 10%

• 20%

How much is authorized for National Defense securities?

• 4 billion dollars

• 2 billion dollars

• 1 billion dollars

• 3 billion dollars

What is the public's attitude towards paying additional taxes for National Defense?

• Willing and ready

• Opposed

• Unwilling and hesitant

• Indifferent