Word: reductionâ
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...Ways and Means Committee of the House, preparing the revenue bill of 1926?that is, making ready for tax reduction???last week got into the doldrums. Much of its time was taken up in hearing every Tom, Dick and Taxpayer who was anxious to have the tax that fell on him abolished. There were also experts and officials on hand, but the matters with which they dealt were largely technical details...
Then suddenly, in early November, less than a month before the assembling of Congress?the Congress which was to be the test of the new President ?Secretary of the Treasury Andrew W. Mellon, injected a new issue into the contest. He published a plan for tax reduction???not simply an idea, but a plan worked out in all its details (TIME, Nov. 19 et seq.). Tax reduction was the one suit which politicians had not expected to play. They were as startled as auction bridge players hearing a bid of nullo. What surprised them at first was the avidity...
Then came Hallowe'en with pumpkins and practical jokes; and after Hallowe'en, election day. Warren G. Harding and Hiram W. Johnson, William G. McAdoo, Oscar Underwood, Henry Ford, who began the contest, had departed the field. The ship subsidy, the World Court, the bonus, tax reduction???great issues earlier in the fight?were lost or had dwindled into insignificance for the most part...
...difFerences between the President and the Republican Congressional group were, of course, ignored. As far as possible, they were concealed. In one case, that of the soldier bonus, the difference was compromised by entire refusal to touch on the subject. But on the question of tax reduction???the Mellon plan on which the President took his stand?Mr. Coolidge's position was approved in general terms and the substitute law, which was passed, mildly disapproved. On the question of U. S. entry into the World Court, the platform sanctioned Mr. Coolidge's recommendation for entrance...
...Reduction???"It is possible . . . to make a large reduction in the taxes of the people. . . . This is treated at greater length in the budget message, and a proposed plan has been presented in detail in a statement by the Secretary of the Treasury, which has my unqualified approval. I specially commend a decrease on earned incomes and further abolition of admission, message and nuisance taxes. . . . Being opposed to war taxes in time of peace, I am not in favor of excess profits taxes. . . . For seven years the people have borne with uncomplaining courage the tremendous burden of national and local...
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