National Affairs: Refunds

Mr. Andrew Mellon reported to the Speaker of the House on all refunds made by the Treasury to taxpayers up to this year.

Millions Up to July 1, 1920 $29

1921 12

1922 7

1923 4

1924 "and prior years" 83


It is presumed that the 1924 refunds include those made on account of the 25% reduction in income tax for 1923. The list of refunds was in eight books of about 10,000 pages each. The revenue act requires that such a report on refunds be made.


Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!