Tax Reduction and the Public Debt

Archive Report

When Congress meets in December the Democratic minority, it is announced by Senator Simmons, ranking minority member of the Senate Finance Committee, will demand “a sweeping tax reduction” -in an amount sufficient to prevent the accumulation of future Treasury surpluses and to absorb the payments to be made by foreign governments on their war debts to the United States. The adoption of this plan, according to Senator Simmons would have the effect of extending the period for retirement of the public debt to 31 years, “instead of extinguishing the debt in 20 years as proposed by Mr. Mellon,…thereby putting a part of the war burden on the next generation.”1

Under the policy followed by the Treasury to date, all payments to the United States by ...

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