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Story
July 6, 1927
Keowee Courier
Walhalla, Pickens, Oconee County, Pickens County, South Carolina
What is this article about?
On June 30 in Washington, the US government reports a record fiscal year-end treasury surplus of $625-650 million, the largest ever, used to reduce public debt; future tax cuts and bond retirements planned.
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Treasury Surplus of $625,000,000 the Largest
Washington, June 30.—The government rounded out the fiscal year tonight with a treasury surplus estimated at $625,000,000 to $650,000,000, the greatest in history. Acting Secretary Mills expressed the opinion, however, that the amount was to an extent misleading because of non-recurring items which contributed to it.
Inasmuch as Congress, at its last session, did not pass legislation to apply at least a part of the surplus to further reduction of taxes, it is being applied to decreasing the public debt.
It is the intention, however, of congressional leaders to put through a permanent tax reduction at the next session, and first steps toward that end will be taken when the House ways and means committee meets in October (the 21st), to consider the drafting of a new scheme of rates.
In reviewing operations of the treasury during the current fiscal year, officials pointed out that along with a reduction of more than $1,000,000 in the public debt, several offerings of certificates and bonds had been floated, and approximately $1,828,000,000 of second Liberty Loan bonds and a considerable amount of the third Liberty Loan had been retired.
The sinking fund for 1927, amounting to $323,000,000, comes into operation tomorrow, and probably will be used to further retire the second Liberties. The fund was created in 1920 for refunding purposes, to continue until all Liberty Bonds and Victory notes are retired.
Washington, June 30.—The government rounded out the fiscal year tonight with a treasury surplus estimated at $625,000,000 to $650,000,000, the greatest in history. Acting Secretary Mills expressed the opinion, however, that the amount was to an extent misleading because of non-recurring items which contributed to it.
Inasmuch as Congress, at its last session, did not pass legislation to apply at least a part of the surplus to further reduction of taxes, it is being applied to decreasing the public debt.
It is the intention, however, of congressional leaders to put through a permanent tax reduction at the next session, and first steps toward that end will be taken when the House ways and means committee meets in October (the 21st), to consider the drafting of a new scheme of rates.
In reviewing operations of the treasury during the current fiscal year, officials pointed out that along with a reduction of more than $1,000,000 in the public debt, several offerings of certificates and bonds had been floated, and approximately $1,828,000,000 of second Liberty Loan bonds and a considerable amount of the third Liberty Loan had been retired.
The sinking fund for 1927, amounting to $323,000,000, comes into operation tomorrow, and probably will be used to further retire the second Liberties. The fund was created in 1920 for refunding purposes, to continue until all Liberty Bonds and Victory notes are retired.
What sub-type of article is it?
Historical Event
What themes does it cover?
Triumph
What keywords are associated?
Treasury Surplus
Public Debt
Tax Reduction
Liberty Bonds
Sinking Fund
What entities or persons were involved?
Acting Secretary Mills
Where did it happen?
Washington
Story Details
Key Persons
Acting Secretary Mills
Location
Washington
Event Date
June 30
Story Details
The US government concludes the fiscal year with a record treasury surplus of $625,000,000 to $650,000,000, the largest in history, applied to reducing the public debt amid plans for future tax cuts and bond retirements.