With the approach of the end of the fiscal year, the Treasury, on its New Year's Eve, had cause for rejoicing. It was apparent that the final casting up of accounts would show a surplus of about $400,000,000 or perhaps something better. The 25% reduction in income taxes, which is divided 50-50 between the collections of the last half of the fiscal year of 1923-4 and the collections of the first half of the fiscal year 1924-5, had reduced income tax receipts only about $100, 000,000, which was more than made up...
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