Word: mellons
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Dates: during 1920-1929
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...owed more money than ever before or since in their history?$26,596,701,648.01. On Dec. 31, 1927, they owed less than at any time since 1919?$18,036,352,451.81. This reduction of eight and one-half billions may be credited about proportionately to Secretary Andrew Mellon and his immediate predecessors, Carter Glass and David F. Houston. Each in his time brought the burden down at the rate of a billion per year...
Chairman Reed Smoot of the Senate Finance Committee and Secretary Mellon of the Treasury engaged last week in a solemn exchange of letters-for-publication. Senator Smoot suggested, Secretary Mellon agreed, that it might be wise to "delay" action of the Revenue Act of 1928 until after March 15, when the 1927 income tax returns will be available...
Last week Secretary Andrew William Mellon furnished Funnyman Harry Lauder with an anecdote than which Sir Harry and some 240,000 others had seldom heard a better. The anecdote: It seems that the U. S. Treasury Department and U. S. taxpayers had, between them, made many a mistake in the amounts of taxes payable for fiscal years from 1927 back to 1925 and beyond. These mistakes netted the U. S. a total overpayment of $103,858,687.78. Last week Secretary Mellon sent Congress the names-numbering some 240,000 and taking up 12,133 typed pages- of the taxpayers...
...longer the new tax rates remain unknown, the longer must business be restless. Washington wiseacres interpreted the Smoot-Mellon "delay" as an adroit political shift by the Administration to chastise those business groups (notably the U. S. Chamber of Commerce) which have been urging a far larger tax cut than Secretary Mellon thinks safe. It was also interpreted as a move to put anti-Administration senators on the defensive for the action of their colleagues in the House, who wrote a tax-cut 65 millions larger than the Treasury advised...
Actually, the Smoot-Mellon "delay" was mostly paper work. What with hearings, debates, compromises, the Senate would not get into action on the tax bill much before March 15 anyway...