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News from January 15, 1924 (Star-Gazette, via Newspapers.com™)
Congress Debates Surtax Changes
In 1924, discussions and debates concerning the plan to reduce surtaxes dominated conversations, particularly in New York. At the time, the prevailing tax structure imposed a rate of 50 percent on all incomes exceeding $200,000. The Treasury, headed by Mr. Mellon, was considering changing this rate to 35 or 44 percent. The crux of the debate revolved around whether this new tax scheme would successfully secure the required revenue for the nation.
Mr. Mellon’s Treasury argued that high surtaxes had artificially restrained business expansion. They believed that reducing these restraints could stimulate business growth, benefiting the public by providing opportunities for increased income.
However, the proposed surtax changes stirred not only economic discussions but also political debates. Secretary Houston and Secretary Glass, both Democrats, called for an end to excessive profits and other “unscientific” tax rates.
Learn more about January 15, 1924 through historical newspapers from our archives. Explore newspaper articles, headlines, images, and other primary sources below.
Source Articles and Clippings
Surtaxes Big Issue In Tax Reduction Row 15 Jan 1924, Tue The Ithaca Journal (Ithaca, New York) Newspapers.com
Politics and Economics Fight It Out in Congress 15 Jan 1924, Tue Star-Gazette (Elmira, New York) Newspapers.com