Of political rather than fiscal importance was last week's tax news at the White House and the Treasury. Congress, at President Hoover's order, cut the normal income tax rate by 1% for 1929 to bolster business. Business did not respond to the cut. Federal receipts ran down hill. Last week Treasury officials compiled figures, frankly told Pressmen that they were quite helpless about a continuation of the 1% reduction for 1930 incomes. For the first 50 days of this fiscal year, U. S. revenue had fallen off $64,261,211 compared with last year,...
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