At the first Cabinet meeting following President Harding's return from Florida, Secretary Mellon renewed his suggestion that surtaxes and incomes be scaled down from a maximum of 50% to a maximum of 25%. His argument was that the previous reduction of maximum surtaxes from 65% to 50% had resulted in an increase of $70,000,000 in income tax returns for the first three months of 1923. He also presented statistics that of the total income tax revenue only about 6% is derived from surtaxes above 25%.
Mr. Harding felt, however, that it is too...
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