Abbeville progress. (Abbeville, Vermilion Parish, La.) 1913-1944, 1915-12-04
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 McAdoO
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 i'm effect the present emergency
tax law and customs duty on sugar,
the secretary estimates that $l12.S06,-
394 in additional revenue will be need
ed for the expenditures for 1917. in
GLIDING S93. 500 900 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 $1,000 and
on married persons from $4,000 to
$4,000; changes in the surtaX imposed
on incomes above a 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:
THE question OF the national H.
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 | desire to submit to the
public the following information:
I'VE began the fiscal year 1916 July
/ /. 1870 with a general fund balance
not including amounts to the credit
of disbursing officers of S104,17O, 1916
| 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
! 30, 1915, as per treasury daily state
ment, $S2.O25,716. Add national bank
note redemption fund. which, by law.
| is a part OF the public debt, and not
| TO be set up as a liability of the gen
eral fund, $19,390.345. Add cash de-
posits during the year 1915 and in
cluded in the revised totals. advices of
which were received at the treasury
after June 30, 1915, $2,754.O44. Bal
ance in general fund June 80, 1915 ire
vised basis, $1O4,17O1O5.
Under existing law the present
duty of ! cent per pound on raw sugar
ceases May I. 1916, 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 5uly ], 1915. as already shown.
| SiV4, ~ U0.
THE estimated total receipts for
1915 are 500, 500.
Total, $774535, sos.
Total estimated disbursements for
1916, excluding Panama canal nav
ments. $716S91. 900.
Surplus or balance June 30, 1916.
s57,644, COS.
The duty on sugar and the emer-
gency revenue taxes ought to be CON.
tinued. If this is done the additional
receipts from these sources for the
fiscal year 1916 should be (s41 GOO Ooo
from emergency taxes and SIS, 900. 900
from sugar.. $56,OO0.OO0.
Balance, $113,644.605."