Federal Tax Reduction—1928

Archive Report

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 yearGovernment expendituresInternal tax revenuesCustoms revenues
1920$6,482,090,191$5,405,031,573$322,902,650
19215,538,209,1894,596,425,980308,564,391
19223,795,302,4993,213,253,256356,443,387
19233,697,478,0202,624,472,760561,928,866
19243,506,677,7152,795,157,035545,637,503
19253,529,543,4462,589,175,890547,561,226
19263,584,987,8732,837,639,377579,430,092
19273,493,584,5192,869,414,341605,499,983

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 ...

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