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

$137

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.

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