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Federal Tax Reduction—1928

August 8, 1927

Report Outline
Corporation and Personal Income Taxes
Amount of 1928 Tax Reduction

Since 1920 the annual expenditures of the federal Government have been reduced by $2,988,505,672. Federal taxes have been reduced in the same period by $2,535,617,232. The reduction in expenditures has amounted to 46.1 per cent and in taxes to 46.9 per cent. Customs revenues meanwhile have increased by $282,597.333 or 87.5 per cent. Counting customs receipts as indirect taxes, the total tax burden, direct and indirect, has been cut by $2,253,019,899 or 41.6 per cent, since 1920.

Fiscal year Government expenditures Internal tax revenues Customs revenues
1920 $6,482,090,191 $5,405,031,573 $322,902,650
1921 5,538,209,189 4,596,425,980 308,564,391
1922 3,795,302,499 3,213,253,256 356,443,387
1923 3,697,478,020 2,624,472,760 561,928,866
1924 3,506,677,715 2,795,157,035 545,637,503
1925 3,529,543,446 2,589,175,890 547,561,226
1926 3,584,987,873 2,837,639,377 579,430,092
1927 3,493,584,519 2,869,414,341 605,499,983

In 1920 and in each succeeding fiscal year the financial operations of the Government have shown a surplus of receipts over expenditures—permitting the enactment of a general tax reduction bill by each of the last three Congresses. The surplus for the last fiscal year, which ended June 30, 1927, was the largest on record, totaling $635,809,921. The President and the leaders of both parties in the House and Senate are agreed, therefore, that the enactment of a new tax reduction bill shall be among the first tasks undertaken when the Seventieth Congress meets.

Tax Cuts Proposed for 1928

The House Ways and Means Committee has been summoned to meet October 31 to begin the preparation of a new tax reduction bill. Chairman Green assumes that Congress will not be called to meet in extra session and that one month will afford the Committee sufficient time to complete the bill for introduction when Congress meets in December. Chairman Smoot of the Senate Finance Committee has urged, on the other hand, that a special session be called to permit the final enactment of the bill in advance of March 15, 1928, when the first payments of taxes on incomes received during the present calendar year will come due.

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Dec. 19, 1931  Sales Taxes: Federal, State, and Foreign
Sep. 18, 1931  Death Taxes and the Concentration of Wealth
Mar. 18, 1931  Federal Taxation of Large Incomes
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