$600 MILLION TAX CUT AGREED UPON
Washington, D.C. (JFK+50) On August 9, 1921, "a conclave of Congress leaders and Secretary of the Treasury (Andrew) Mellon with President (Warren G.) Harding...agreed on a plan which will make possible the repeal of all obnoxious taxes."
The "burden of taxation" will be reduced by $600,000,000 during the coming fiscal year. The committee on ways and means will be reporting the bill to the full House of Representatives favorably.
The welcome news came on the President's first day back from his summer vacation.
*Andrew William Mellon (1855-1937) was born in Pittsburgh, PA & educated at the University of Pittsburgh. AWM was Secretary of the Treasury 1921-1932.
SOURCE
"600 Million Tax Cut Is Agreed Upon," The New York Tribune, August 10, 1921, Chronicling America, Library of Congress, www.loc.gov/
