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...

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