Today -100: October 19, 1925: Of locarnoes, panamas, and income tax

The Soviet Union, at least as expressed in Izvestiya and Pravda, considers Locarno to have been a victory primarily for Britain, which now has Germany in its grasp, loosening the links Russia tried to forge with Germany as fellow European outcasts with the Treaty of Rapallo. Russia is feeling left out and lonely.

Passengers on a ship arriving from Panama inform the NYT of a revolt – in fact, a rent strike – in Panama a week ago that you’d think the paper would have heard about before now, especially considering US troops are helping suppress it, a fact that won’t appear in the paper for another 6 days as the occupation winds up.

Treasury Sec. Andrew Mellon tells the House Ways & Means Committee that he opposes exempting incomes under $5,000 from income tax because then it would be only fair, he says, to exempt the first $5,000 of incomes over $5,000, and that would double the revenue loss. He wants to reduce federal taxes in ways I can’t help notice would especially benefit the rich, and to eliminate federal inheritance tax altogether. He says taxing lower-income people would give them “a stake in the country.” He also wants to eliminate the publicity clause making the amount of income tax people pay being public.

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