Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-12-08

ures that the total increases in revenues
needed is sl12. sOe3 3si. provided s25. COO Goa
worth OF Panama Canal bonds are NOT
sold. IL the issue should be made that
much would be subtracted from the
amount of additional revenue required.
sECRETARY's SUGGESTIONS.
MT McAdoo's suggestions for raisine
this additional revenue are to:
Increase the corporation and per-
sonni Income taxes by providing
higher rates and, in the cnse OF the
personal income tax, reducing the
SSOOO exemption for single persons
and $1,000 exemption for married
folk to $4,000 and $4,000, respectively.
Increase the tnxes on gasoline,
crude and refined oils, horsepower
of automobiles md other Internal
combustion engines and "ynrious
other things where collection could
he made mt the sodrcc." Mr. Nc Adoo
also says that, following the Euro
penn war, flood of imports may he
expected which will Increase cus-
toms duties.
COTTON SITUATION SAVED.
Secretary McAdoo reports that the
country is so prosperous that additional
tax burdens can easily be borne. He
'"Fo Allil Ills HCllOn III uCpOSltlnE NlD,-
100000 in Southern Federal reserve banks
saved the cotton situation when that
commodity was placed on the British con-
traband list, and that confidence has re.
turned everywhere throughout the coun.
try business in all lines booming phe-
nomenally.
The Federal reserve system has had a
successful year, he says, demonstrating
tho value of money system providing
elastic credits. "Our stock Of gold coin
and bullion Increased from si.SU5,SI6. $50
on January ., 1915 to s2,19S ll3. 762 on
on January ., 1915 TO s21gS 113 1862 on
amount of this precious metal ever held
by any one country" says the secre-
tary
INCOME TAX CHANGES.
\ number of amendments to the in
come tax law are recommended, as fol-
lows:
Require information ms TO extent OF
income. rather than actual withholding,
mt the source, except ms to nonresident N I
aliens.
Exempt certain associations and or
GnnIzntions not engaged in gninful
pursuits from the tnx.
Broaden the liability of foreign cor
Porations.
Require receivers, trustees, etc, To
make returns.
Prohibit corporations from deduct
Ing from taxable income on account Of
taxes pnid for local benefits.
Make the income tnN payable on
June t5 instead of June 30 In order that
the accounts may he finished by the end
Of the fiscal ycnr, June 30.
The report says that customs receipts
for the fiscal year ended June 20. 1915,
amounted to $2l2, ,l46,O0O a decrease COM
pared with the previous year of sS6, 166, 600
improvements in the methods of proce-
dure in the collection of customs are rec
commended.
The Secretary urges that all the port
quarantine business of the country be
removed from State jurisdiction and
placed under the Federal Government,
this especially in view OF the fact that
the Public Health Service reports serious
outbreaks of cholera, typhus and other
malignant infectious diseases in Europe.
These will be transmitted to this coun-
try upon the resumption of immigration
after the war, says Mr. McAdoo.
During the fiscal year 1915, 500, ,lS7 ,0i2
was spent on the Panama Canal the Sec
retary reports. OF this, S21, ,6l4362 was for
construction on the canal proper and
S7,5T2,6 679 for Notifications and miscel-
laneous work. Total expenditures on the
Panama Canal to June 30, 1915, amounted
to S2l9,47l,6S6.