How did the United States raise money to pay for the war

Answer 1

During the war, the United States used a variety of methods to raise money to pay for the war effort. One of the primary ways was through the sale of war bonds, which were essentially loans from American citizens to the government that would be repaid with interest after the war. The government also raised funds through increased taxes, such as the Revenue Act of 1941 which significantly raised income taxes for individuals and corporations. Additionally, the US government borrowed money from foreign governments and international organizations, such as the British and Canadian governments and the International Monetary Fund. Ultimately, the combination of these methods helped to finance the war and support the vast military and industrial efforts needed to defeat the Axis powers.