Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1916-07-06
Administrations General Reve.
nue. Bill Favorably Reported
in the House-1s Designed to
Produce About S2OO,0O,OO0
IncOme-Will Probably Be
Passed in House Monday
Debate Begins To-day.


Senate-Met at 900 n. m.
Amendment to naval resolution post.
poned by Senator oliver directing in
quiry by federal trade commission into
private armor plants to determine a
fair price for armor plate.
Army appropriation bill. carrying
more than s32s.o0O.0O0. was reported.
Debate resumed on agricultural ap-
preparation bill.
Debated Spanish War widows pens
sion bill
Recessed at 5:53 p. m. until 1900
a. m. Thursday.
House-Met at noon.
Revenue bill reported.
Debated Shields water power bill.
Adjourned at 5;35 p. m. until 11:O0
a. m. Thursday.
Washington. July 5.-The admins.
tration general revenue bill designed
to produce about 5000. 100000 Of addi-
tional revenue from increased surtax
on incomes and from taxes on inheri.
tances and war munitions profits. was
favorably reported to-day by the
House ways and means committee and
probably will be passed by the House
Monday.
Two republican members of the COM
mittee. Longworth of Ohio and Gard.
ner of Massachusetts,. voted with the
democrats for favorable report. but
reserved the right to express during
debate in the House their objections to
the methods of the majority in fran.
Ing the measure. Two other republic
can committeeman. Green of Iowa and
Sloan of Nebraska. while they voted
against reporting the bill. gave notice
that they expected to support 1t on. tho
final roll call
DEBATE BEGINS TO-DAY.
General debate Is expected to begin
Thursday under a special rule provid.
ing for a final vote before adjourn.
ment Monday. That plan was deflnite-
ly agreed on during the day by House
leaders.
The committee report says that the
necessity for revenue legislation
grows out of the extraordinary in.
crease in the appropriations for the
| army and navy and fertilization Of our
country
THE FISCAL SITUATION.
The fiscal situation Is summarized in
this way:
ESTIMATED excess of disbursements
over receipts for the fiscal year end
| ing June 80. 1917. $266.92 900; addi-
| tional receipts under the proposed bill.
| income tax s107,000.000. estate tax
| ST. 100000 (and it is estimated that
| the annual receipts from the estate tax
| will amount to s54.000.000 when the
| law is in full operation): munition
manufacturers tax s7l.oOO.O0O; miscel-
laneous taxes. 100000. Total add-
tional receipts. sl97.000.000. Balance to
be taken from general fund. s69.s22. 900.
After deducting s69,922.0o0 from tho
general fund, there will still remain
June 80. 1917. in the general fund over
10000 900 exclusive of the disburs in 8
officers balances. 1t is estimated that
the total appropriation for the fiscal
year ending June 80. 1917. will not ex-
coed $1.579, 100000. This includes $685.
000.0 to meet the extraordinary ex>
penses of disbursements occasioned by
the Mexican situation. This and any
other appropriations that may be-
necessary to meet the abnormal and
extraordinary expenses which may hs
incurred on such account should be-
| financed by bond issues, as is always
done by this and all other nations
under similar circumstances.
| "Deducting the sinking fund and
postal appropriations and the Ave per
cent. of the balance as unexpended and
the estimated $125.O00.O0O of bands to
| finance the Mexican situation leaves
S1,015,1c2, 900 as the amount for which
| it is necessary to provide revenue.
| The estimated revenue under present
laws is s74s.200.000. Estimated excess
| of disbursements over receipts, $685..
922 900"
| 1t is probable that no other country
derives as much revenue per capita
from the people through consumption
taxes does the United States. the
report says, adding that the revenue
system should be more evenly balanced
and a larger portion of revenues coll
lected from incomes of inheritances in
those States deriving the most governs
ment benefit.
The receipts from the income tax
under the bill are estimated at $227.-
0000 900 annually. The proposed estate
or inheritance tax is to be levied upon
transfer OF net estates after deduct-
ing all valid claims and an additional
exemption of $4,000.