The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1915-12-10
INCREASE IN INTERNAL
TAX FAVORED FOR DEFENSE
New Tax Proposed Would include
Levy on Gasoline, Crude and Re-
fined Oils, Horsepower on Engines.

Observation-Disclosures in internal
taxation rather than issuance Of bonds
to meet the first years expenses OF
the administration defense program
are advocated by Secretary McAdoC
of the treasury in a formal statement
issued Friday giving an estimate OF
the.federal governments revenues and
expenditures up to the end of the fis
cal year, beginning next July.
Assuming that congress will con,
tinue in effect the present emergency
tax law and customs duty on sugar,
the secretary estimates that $112,806,,
S94sin additional revenue will be need.
ed for the expenditures for 1917, in
Guiding $93,800,00O for new measures
for national defense.
This amount" says the statement,
easily can be raised by internal tax,
alton without appreciate burdens
upon the American people"
Mr.. McAdoo suggests reduction in
the income tax law exemption on sin
gle persons from $4,000 to $4,000 and
on married persons from $4,000 to
$4,000; changes in the surtax imposed
on incomes above certain figures;
and new taxes on gasoline, crude and
refined oils, horsepower of automo,
biles, other internal combustion en-.
gines and various other things.
The statement follows:
1.-THE question of the national ii.
nances is so intimately related to
other vital problems which must be
settled in the interest of the American
people that every right-minded citizen
should want the truth in order that
he may help form that intelligent pub
lie opinion out of which alone can
arise sound and just conclusions. With
this in mind l desire to submit to the
public the following information:
1--WE began the fiscal year 1916 July
l, 1879 with general fund balance
not including amounts to the credit
Of disbursing officers of $104,1T0, los.
Compared with the balance shown in
the daily treasury statement on June
80, 1915, this is composed of the fol-
lowing: Balance in general fund June
80, 1915, as per treasury daily state
ment, $S2,025,716. Add national bank
note redemption fund, which, by law,
is a part of the public debt, and not
to be set up as liability of the gen
eral fund, $19,3SO,345. Add cash de-
posts during the year 1915 and in
cluded in the revised totals, advices of
which were received at the treasury
after June 80, 1915, $2,754,O44. Bal
ance in general fund June 80, 1915 ire
vised basis), $104,170,1 05.
Under existing law the present
duty of l cent per pound on raw sugar
ceases May 1, 1915, and the present
emergency law expires on December
81, 1915. Assuming that these two
sources of revenue are eliminated,
the following results may be expected
for the fiscal year 1916:
General fund balance in the treas
ury July 1, 1915, as already shown,
$104,170,105.
1.-THE estimated total receipts for
1915 are $67O,365,5OO.
Total, $774,5S5,6 sos.
"Total estimated disbursements for
1915, excluding Panama canal pay
ments, $716,S91 900.
Surplus or balance June 30, 1916,
$5T644,6O5.
"The duty on sugar and the emer-
gency revenue taxes ought to be con-
tinued. If this is dore the additional
receipts from these sources for the
fiscal year 1916 should be ($41, 900, 900
from emergency taxes and $4,000, 900
from sugar., $56,000,0O0.
Balance, $113,644,6O5."