OCR Text |
Show President Agreed on Mellon Tax Plan. Washington President Gollidge ami Secretary Mellon ironed out the tax refund proposal of :.!ie executive Tuesday Tues-day and agreed that It should be accomplished ac-complished through a credit to the taxpayer of about 12 1-2 per cent on Income taxes to be paid next year on this year's Income. While the president was busy adjusting his tax saving plan with his secretary of thi-; treasury, congressional leaders were expressing varying views which indicated indi-cated clearly the plant did not meet -wllli full approval at the capitol. Mr. Mellon accepted Hie proposal to take his surplus away from debt retirement, retire-ment, but he convinced the president that the itlea for an immediate refund of income taxes collected this year would bo too cosily from an administrative admin-istrative standpoint. |