Lessening

The Treasury Department gave out the revenue receipts for the first five months of the present fiscal year (July 1 to Nov. 30, inclusive). They are here given (in millions of dollars) as compared with the same months of last year : Income Tax, 1923 $484 Income Tax, 1924 453 Decrease , $31 Other Taxes, 1923 $442 Other Taxes, 1924 375 Decrease $67 Total decrease By so much, the public purse is thinner; and private purses fatter. The falling off in income-tax revenue was principally due to the 25% flat reduction put in effect last spring. The decrease in revenue from other taxes was mainly owing to the removal and cutting down of miscellaneous taxes by the new revenue law (whose income-tax rates do not become effective until Jan. 1).