The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1915-01-29
No NEED FOR.
MORE INCOME
LEADERS DECIDE THERE. IS
NO IMMEDIATE NECESsI.
TY FOR LEGISLATION
BEST TO WAIT
TILL END OF YEAR
When They Can Better Estimate
Effects of War and Decide
What to Do.
By Associated Press )

tBy Associated Press.) So
WASHINGTON. Jan. 28.-Adminis-
tration leaders in conference today
with President Wilson decided therh
was no immediate need for deeisia-
ton to increase the governments
revenues. They agreed that at the
end OF the fiscal year the government
would be In a better position to esli-
mate the effects Of the European war
and decided what, If anything. should
be done. - -
Secretary McAdoo said tonight he
still thought his estimate that ut tile
end OF the fiscal year next June. thero
would be deficit of $4,000, 900, was
substantially correct.
1t Is understood that suggestions for
extension of The war revenue act for
Six months, and abandonment of the
$54,00O.00O river and harbor bill.
struck no responsive chord at today's
conference. The cabinet officers were
said to have made 1t plain that they
had cut their estimates until they
could not make further reductions
without risking the efficiency of their
departments. 4. -.
fhe estimates sent to congress De-
cember aggregated $7lO.OO0.00O to
which s2S.000,000 was to be added for
PanRma Canal disbursements. Some
additional estimates have been sent IL,
since, however, and substantial addi.
tions have been made by house com.
mittees iE drafting the supply bills.
Secretary McAdoo's estimate OF rev.
enues exclusive OF the posso1nce de-
partment. was $72S S.000. .000.s This; In
cludes s2e0.000. 900 from d customs.
$3g5 900 600 from ordinary Is, Internal
revenue: S54 ,Q00, ,0GG from the war tax.
and $50. .000, 900 from the Income and
In statement on the White House
conference. which Majority Leader
Underwood ard Chairman Fitzgerald,
OF the house appropriations commit
tee, attended, Mr.. McAdoo said that in
June, 1915. almost the entire amount
OF the corporation and personal tn
come tax Will be paid, just as In 1914,
and what appears to be q loss In
revenue In the meantime, will be over
come" :
In support OF Secretary McAdnn's
statement, officials pointed out, that
there still was every Reason to believe
the war tax would produce at least as
much as originally was expected from
1t. Available figures UP to December
show that 600,000,000 revenue stamps
nave been sold throughout the coul-
try. -
Secretary McAdoo's estimate for
customs receipts for the coming year
S220.0O0,00. Is about $72, 600 900 un.
der tho receipts for the fiscal yenr
1914. Receipts from that source 81
far this fiscal year are about S122,OO0.-
goo. Treasury officials believe that
With revival OF business there may be
marked increase during the next
five months :, :, p .
NJ accurate data is yet available on
which officials can estimate what may
pc expected this fiscal year from. the
income tax. Last year it produced
about $50, 100000 from corporations
and individuals. I. !, =
Officials are determined to make an
active search for tax dodgers and have
discovered ways In which they hone to
bring out several millions OF dollars.
many large corporations have given
the treasury department lists of their
stockholders to whom dividends are
paid, and that is expected1 to ba or
great value In income tax collections.
= The effect the European war and
financial conditions in the United
states may have no returns from the
income IN me tax also is being considered.
HOW marked that effect may be, of
hcials do not pretend to, know,
The net balance In the treasury to-
night was about 1156. .000, 900. II slow
y is dropping. and some officials are
inclined 20 believe. that II the shin
purchase bill becomes law the gov
erEnfment Eflln y'iiia issue Panama Canal q
per Pc cent bonds to provide the $I0,-
oog.VoO 20 buy stock In the shjpping
ssrpoEaiion y creates: Mr.. McAdoo
said tonight he had not taken up that
question. The secretary has AUTHORITY
70 Issue. canal bonds tct the amount az
$2A0 S6A 0fl 4 z -, .,.z u. =,