AMERICAN FINANCE
MAGNIFICENT BALANCE HUGE TAX REDUCTION (Australian and N.Z. Cable Association. WASHINGTON, Nov. "». President Coolidge announced today another great reduction of taxation, probably totalling 250,000,000 dollars. It is estimated the Government has reduced taxes by 9-"i0,00O,0t»0 dollars in the past *24 months. A measure will be submitted to Congress when it convenes in December for refunding from 10 to 12 per cent', on all taxes already paid on incomes of 1925 during the present year. The president stated that the magnificent Treasury balance now in prospect will permit jsueh a reduction. An interesting feature of the present refund lies in the fact that the President refused to make his plans known until after the election to avoid charges that the remission was aimed to make political capital for the Republican party, and the refund will entail one of the biggest clerical undertakings in the history of this Government, costing many thousands of dollars and requiring an investigation of millions of the income tax returns, and the sending out of hundreds of thousands of Government, cheques.
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Bibliographic details
Poverty Bay Herald, Volume LII, Issue 17185, 8 November 1926, Page 7
Word Count
176AMERICAN FINANCE Poverty Bay Herald, Volume LII, Issue 17185, 8 November 1926, Page 7
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