National Affairs: Treasury Retort

Secretary Mellon of the Treasury issued his annual report last month for use by the Ways & Means Committee of the House in preparing the tax bill. Secretary Mellon reported a $635,000,000 surplus for 1927; predicted surpluses of $455,000,000 and $274,000,000 for 1928 and 1929 respectively. With the U. S. debt still 18.5 billions big, and large Federal outlays in prospect, Secretary Mellon advised tax reduction of only $225,000,000. Other Republicans had hoped for a cut of 300 millions. Democrats had talked of cutting at least 350 millions. The U. S. Chamber of...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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