National Affairs: A Vanishing Deficit


Coincident with Secretary Mellon's announcement that March income taxes were $63,000,000 in excess of expectations, it was announced that the customs receipts for March brought the total income from import tariff to $405,753,000 for the first nine months of the fiscal year. On this basis tariff receipts for the year may be expected to aggregate $550,[)00,000 or more. This is $100,000,000 more than expectations from this source.

Director Lord of the Budget Bureau announced three weeks ago an expected deficit for the Treasury of $180,000,000. With income taxes yielding an unexpected $63,000,000, and the tariff another $100,000,000, the deficit is in...

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