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 new insight or understanding did you gain from this video?