OCR Text |
Show President Agreed on Mellon Tax Plan. Washington President Collidge and Secretary Mellon ironed out the tax refund proposal of the 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 the treasury, congressional leaders were expressing varying views which indicated indi-cated clearly the plant did not meet with full approval at the capitol. Mr. Mellon accepted the proposal to take his surplus away from debt retirement, retire-ment, but he convinced the president that the idea for an immediate refund of income taxes collected this year would be too costly from an administrative admin-istrative standpoint. |