Since 1920 the annual expenditures of the federal Government have been reduced by $2,988,505,672. Federal taxes have been reduced in the same period by $2,535,617,232. The reduction in expenditures has amounted to 46.1 per cent and in taxes to 46.9 per cent. Customs revenues meanwhile have increased by $282,597.333 or 87.5 per cent. Counting customs receipts as indirect taxes, the total tax burden, direct and indirect, has been cut by $2,253,019,899 or 41.6 per cent, since 1920.
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In 1920 and in each succeeding fiscal year the financial operations of the Government have shown a surplus of receipts over expenditures—permitting the enactment of a general tax reduction bill by each of the last three Congresses. The surplus for the last fiscal ...