MONEY TO BURN

North Otago Times, Volume CVII, Issue 17748, 21 March 1927, Page 5

MONEY TO BURN

-Press Association—

(AujSraliiii. uffliS N.S. Pssa/it

vast tax reduction uncle sam's excess is £350,000,000.

(Gable —

-Oopyriglit.)

Received Sunday 5.5 p.m. WASHINGTON, March 18. President Coolidge has announced that at the next Congress he will initkte C vast reduction in taxes, ihe «siimated total being in the viclnity nve hundredt.niillion doli&r^ provided there isf-rlo recession of the present unrivalled business prosperity. The income tax reluers for 1926, paid on 15th March, indicate that the total excess will be 1500 million dollars, pro&xbly ihe largest in American w assuring tbe Treasury of _ ^xvlus over Budget expenditures in vicinilr of six hundred million dollars which probably will ^ used in the reduction of tbe National debt and a radical revision of downward t taxes, particularly on corporations and individuals paying medium income surtaxes and the so-called "nusiance" taxes on automobiles, club due"s, amusements, etc.