Archive Report
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 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 ...