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Mellon Annual Report Urges Tax Reform and Debt Savings
Secretary Mellon argues for revising tax laws to cut the top surtax to 20 or 25 percent and raise business profit and estates rates. He warns the next six months demand strict economy as $6.76 billion in short dated debt matures, urges prompt funding of foreign loans, and criticizes complex, high-rate taxes as hindering capital and productivity. The report stresses revenue relief for business and calls for rate simplification.
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