Mellon s Report

The report of Secretary of the Treasury Mellon, if it came entirely from his own hand, would convict him of being nearly as prolific a penman as H. G.

Wells. His report contained 350

printed pages and much information. RECEIPTS FOR 1923-24 IN PERCENT

(1% = about $40,000,000)

Income Tax 45.92%

Other Internal Revenue 23.75%

Customs 13.60%

Foreign Debt Payments 5.53%

Income from Securities 2.59%

Sale of Surplus Material 1.17%

Trust Fund Receipts 76%

All Other 6.68%

100.00%

Total, $4,012,044,701

EXPENDITURES FOR 1923-24 IN PERCENT

(1% = about $35,000,000)

Interest on Debt 26.82%

Other Debt Retirements 13.06%

Veterans' Bureau 11.67%

War Department 9.94%

Navy Department 9.48%

Pensions 6.51%

Refunds 4.21%

Highways :.. 2.56%

Indians 1.33%

Trust Fund Investments 1.10%

All Other . 13.32%

100.00%

Total, $3,506,677,715

He did not ask Congress to alter the tax laws, but he listed faults of the laws, chief of which were the surtaxes which he believed should be lowered from 40% to 15% or 25%. He held that the higher rates result in loss of revenue. He also declared that the maximum inheritance tax, 40%, is too high and that the publicity feature of the tax law should be repealed.