The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-06
INCOME TAX YIELD
SEEMS TO Be SHORT
Returns Thus Far Available at
the Treasury Are Disap.
pointing.
HOPE STILL ENTERTAINED
Ten Million Dollar Drop i'm
Customs Receipts for Month
Of February.

WASHINGTON. March 5.-Inoome tax
returns from collectors Of internal revenue
all over the United States are pouring
In on the Treasury Department While
the record now available at the Depart
ment Is far from complete there were
int,mations to-day that the returns thus
far received fell considerably short OF
the revenue that had been estimated by
Treasury officials from this source. No
information. however, was obtainable nj
the Internal Revenue Bureau, and IL is
SHOWN That Treasury officials have hopes
that their expectations will eventually be
Iuuy realised AS regards the revenue
prouung ability of the income tax law,
AZ III pointod out that the Treasury Do
partmeht had similar experience in re-
gard TO the corporation tax returns un-
DER tho Payne-Aldrich Law. They had
estimated about s25.00o.o00 from that
source. but tho returns at first Indicated
that the total would fall 9,OOO. 900 short
OF the estimate. 1t was several months
pefore all returns had finally reached the
treasury Department, and when the final
casting up OF figures was made Il was
round that the corporation tax had put
t2'.OOO,00O into the Golfers
Decline In Csstos,s R~c~,pts.
The question OF the revenue pnoduci,.
ability Of the income tax law In "A ser,ou.
one Tor the Wilson Administration Eyi-
dence ~ daily accommodating that the
lhderwood-S iminons tariff bill IL not 70
ing TO produce as much revenue from
customs sources as had been estimated.
ihis VIII necessarily impose "a larger
burden on the income tax Yield. The
Treasury officials have estimated that
the Income tax in the ten months of
1918 would yield $4,000. 900 from indl-
v'duals and $4,000 900 from corpora
tons.
There is another feature OF the rev.
enues under the Underwood Simmons
bili that Is Just now attracting consider
able attention here. This relates to the
sugar duties. The customs receipts thu.
far In March do not indicate any nme-
date increases in duties as the result
or sugar entries at the reduced rates
which went into effect on March l.
The official statements Of receipts for
the first four days OF March puts the
total receipts from customs at s2,6sIt54
against S2.S55,%0& In the corresponding
period OF March. 1913. a decrease Of II
per cent. While this would not appear
serious. II conditions were normal. IL
comes at time when IL was supposed
that large quantities OF sugar would he
Immediately withdrawn from warehouse
and entered at the reduced rate and
surprise To the friends Of the law and
suggests that the expected increase In SUI
gar Imports at the new rates may not be
realized.
Mig Drop In February.
The Treasury statement OF receipts from
customs In February fully ju.tihes the
subsection that has been already made In
these dispatches that the reduction In re-
ceipts under the new tariff law is incress-
ing February customs receipts. accord
ing To the ofYicial Treasury statement.
were N7.SOs.s0s. against 127s0b.ll5 in
February last year. This makes the total
reduction OF customs revenue In the Ave
months operation OF the new law $4,000
600 when compared with the corrcspond-
ing period OF the preceding year.
IL must be remembered that one i'm
portant factor In the revenue producing
power Of the Law did not become effective
until March |, namely the reduced duty on
sugar. large share OF the sugar enter.
Ing the United States usually comes after
March l.