Slump

How the U. S. Government, like the smallest U. S. citizen, has been hit by hard times was shown last week when the Treasury Department balanced its income tax revenue for the first nine months of 1930. Compared with the same period last year these all-important receipts, totalling $1,779,382,127, slumped $148,286,721. Individual taxes dropped $132,972,403, corporation taxes $15,314,318. Customs receipts in the same period wilted $81,769,169. .

Significance: though anticipated by Treasury actuaries, this income slump will in all probability prove the prime obstacle to a renewal by Congress of last year's 1% tax cut.

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