cut expenditures. Mellon's tax cuts Treasury Secretary Mellon also recommended that Congress cut income tax rates, and that the corporate excess profits tax be abolished. The House Ways and Means Committee endorsed Mellon's proposals, but some congressmen wanting to raise corporate tax rates fought the measure. Harding was unsure what side to endorse, telling a friend, "I can't make a damn thing out of this tax problem. I listen to one side, and they seem right, and then—God!—I talk to the other side, and they seem just as right." Harding tried compromise, and gained passage of a bill in the House after the end of the excess profits tax was delayed a year. In the Senate, the bill became entangled in efforts to vote World War I veterans a soldier's bonus. Frustrated by the delays, on July 12, Harding appeared before the Senate to urge passage of the tax legislation without the bonus. It was not until November that the revenue bill finally passed, with higher rates than Mellon had proposed. In opposing the veterans' bonus, Harding argued in his Senate address that much was already being done for them by a grateful nation, and that the bill would "break down our Treasury, from which so much is later on to be expected". The Senate sent the bonus bill back to committee, but the issue returned when Congress reconvened in December 1921. A bill providing a bonus, though unfunded, was passed by both houses in September 1922, but Harding's veto was narrowly sustained. A non-cash bonus for soldiers passed over Coolidge's veto in 1924. In his first annual message to Congress, Harding sought the power to adjust tariff rates. The passage of the tariff bill in the Senate, and in conference committee became a feeding frenzy of lobby interests. When Harding signed the Fordney–McCumber Tariff Act on September 21, 1922, he made a brief statement, praising the bill only for giving him some power to change rates. According to Trani and Wilson, the bill was "ill-considered. It wrought havoc in international commerce and made the repayment of war debts more difficult." Mellon ordered a study that demonstrated historically that, as income tax rates were increased, money was driven underground or abroad, and he concluded that lower rates would increase tax revenues. Based on his advice, Harding's revenue bill cut taxes, starting in 1922. The top marginal rate was reduced annually