AMERICAN TAXATION.

Waikato Times, Volume 101, Issue 16947, 9 November 1926, Page 7

AMERICAN TAXATION.

REDUCTION ANNOUNCED. REFUND FOR 1925. (Australian and N.Z. Cable Assn.) WASHINGTON, Nov. 5. The President, Mr Calvin Coolidgc, to-day announced another great reduction in taxation, which will probably total £50,000,000. It is estimated that the Government has reduced the taxes by £190,000,000 in the past two years. A measure will be submitted to Congress in December to provide for a refund of from 10 to 12 per cent, of all taxes already paid on incomes for 1925 and in the present year. The President stated that the magnificent Treasury balance which is now in prospect will permit of this reduction being made. He refused to make his plans known until after flic' recent elections in order to avoid charge that Ihc remission was aimed at making political capital for the Republican Party.

The refund will entail one of the largest clerical undertakings in the history of the present Government. It will cost a large amount and will require an investigation into millions of income-tax returns; also the sending out of hundreds of thousands of Government cheques.