Word: refundability
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...fathered the hoax. The book was quite spurious, and was written by one who was ignorant of those about whom he gossiped and lacked the background necessary to such in time chatter. Would everyone who had bought the book please return it to the publishers and get their refund? If the purchasers would be so obliging all would again be serene, feelings would be soothed, and the whole matter might be regarded as a bad dream...
...President Coolidge suggested a fortnight ago (TIME, Nov. 15) that the surplus be used to make a 10% or 12% refund on income and corporation taxes payable in 1926 for incomes of the calendar year 1925. This would mean that 90% of the income taxpayers would receive refunds ranging from 11? to $1.69; the richer 10% would, of course, get proportionately larger benefits. The President's plan, hastily precipitated by the elections, caused some rejoicing in Republican ranks but served chiefly to stimulate criticism and other surplus-removal schemes...
...President had to make a political move and make it quickly. The announcement came from the White House: A study of the revenue returns shows a surplus in excess of $250,000,000; hence the President will recommend that Congress speedily vote a 10% or 12% rebate or refund on the income taxes payable in 1926 for incomes of the calendar year 1925. This applies to all corporations, industries, individuals, but not to so-called nuisance and admission taxes...
...Democrats plan to fight the President's refund plan with a higher ante-a general tax reduction in the lower brackets of incomes and a cut in corporation taxes...
...topic chosen for debate is one that has provoked a storm of comment recently in political circles. President Coolidge proposed on November 6, shortly after the defeat of Senator W. M. Butler by a Democratic candidate, that the present administration should pass a law making a refund of 12 per cent on the 1926 income taxes during 1927. The President gave as his reasons for this proposal the fact that there is at present a large government surplus in the Treasury and also the fact that government economy is being pushed to the limit...