South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-07-06
REVENUE BILL
READY IN HOUSE
General Measure to Produce
About S200,000,0OO in
Additional Taxes.

WAsHlNGTON. July 6.-The ad-
ministration general revenue bill de-
signed 20 produce about 5000. OOO. =
900 OF additional revenue from in
creased surtax on incomes and from
taxes on inheritances and war NUM-
tons profits. was fayorably reported
Wednesday by the house ways and
means committee aid probably Will
be passed by the house Monday
The republican members Of the
committee-Lougworth Of Ohio and
Gardner Of Massachusetts voted
with the democrats for a favorable
report. but reserved the right 70 eX-
press during debate in the house
their objections 20 the methods OF
the majority in framing the meas
ure. Two other republicans-Green
Of Iowa and Sloan Of Nebraska
while they voted against reporting
the bill. gave notice that they ex-
pected 10. support IL on the final roll
call.
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 disburse-
ments over receipts for the fiscal
year ending June 90, 1917. $500
922. 900. additional receipts under
the proposed bill income tax S107.-
600. 600: estate tax $1,000. 900 and
10 is estimated that the annual re-
ceipts from the estate tax will
amount TO $4,000, 600 when the law
Is i'm full operation; munition manu-
racturers' tax. $7I.OOO.OOO. miscel-
laneous taxes. S2.OOO.O 900. Total
additional receipts $4,000. 900.
Balance 10 he taken from general
fund. S69.922.00O.
Fortunately the balance in the
general fund June 80. 1915. was
much larger than at the end Of any
fiscal year since 1905. After de-
Quoting S59. 0OO.0 zoe for disbursing
officers balances. there remained in
this fund over $4,000. After
deductiug S69.922. 900 from the fund
as above there will still remain
June g.. 1912. in the general fund
over 100000. 900. exclusive Of the
disbursing officers balances. II is
estimated that the total appropria-
tion for the fiscal year ending June
80. 1917. Will not exceed $1.579.-
100000 This includes 1925. 600. 600
90 meet the extraordinary expenses
OF disbursements occasioned by the
Mexican situation. This and any
other appropriations that may be
necessary 20 meet the abnormal and
extraordinary expenses which may
he incurred on sUeh account should
be financed by bond issues. as is al
ways done by this and all other ma
tions under similar circumstances.
DeduCts Sinking Fund.
I'm estimating the actual dis
bursements. it is proper TO deduct
the sinking fund requirement in
cluded in the permanent appropria-
ttons at $60,727,0OO for the fiscal
year 1917. and also the postal APP
propriations. estimated at $32472S.-
0OO payable from the postal reve-
uues. It is also safe 10 deduct as
uneXpended an equivalent 10 five per
cent of the total estimated appro-
priation remaining after these de-
auctions. Deducting the sinking
fund and postal appropriations and
The FIVE per cent Of the balance SIS
uuexpended and the estimated $685.
o00. 000 of bonds To finance the Mex
lean situation leaves S1.O15.122.OO
as the amount for which il is neces-
sary TO provide revenue. The esti-
mated revenue under present laws
is $74S.200 600. Estimated excess
aof disbursements over receipts is
s266.922, COG"