FISCAL: Wait & See

With a 185-million-dollar surplus showing on the Treasury's books for fiscal 1928, talk of income tax reduction waxed in Washington last week. President Hoover commented cautiously: "We are giving careful study to the possibility. . . . We all hope that the situation may work out. . . ." Secretary of the Treasury Mellon: "There may be reasons against it." Chairman Smoot of the Senate Finance Committee: "Nothing doing!" Tennessee's Senator McKellar: "Such a surplus would not have been possible but for the amendment introduced by me" (publicity for tax refunds)....

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