Legislation Before Congress, December 1926

Archive Report

A prospective surplus of $383,079,095 for the present fiscal year is disclosed by President Coolidge in the new federal budget submitted December 8 at the opening of the second session of the Sixty-ninth Congress. In his annual message the President recommemds that a “balanced portion” of this surplus be applied to a reduction of taxation. He opposes the Democratic plan for a permanent downward revision of tax rates at the present session on the ground that adequoat experience upon which to base a permanent policy of taxation will not have been acquired until after the session has come to a close.

“Meantime, it is possible to grant some real relief by a simple measure making reductions in payments which accrue on the 15th of March ...

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