Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1916-05-25
Secretary McAdoo Submits Fig
ures Showing Only about
S15O,OOO,OOO Additional Reve-
nue. Needed in Coming Year.
ESTIMATES CUT S75,OO0,OOo
All the Extra Money Will Come
from Taxes on Incomes, In
heritances and Munitions in
Accordance with Plan Recent
ly Approved by President.

Washington, May 1S-Secretary McAdoo
to-day submitted to Chairman l<itchin of
the House ways and means committees,
and Chairman simmons of the senate
finance committee, revised estimates of
the governments receipts and eNpendi-
lures for the remainder of the current
fiscal year and the fiscal year ending
June go 1917 tending to show that much
less new revenue will have to be raised 30
meet the bill for preparedness and other
large contemplated expenditures than had
been supposed.
Only about $50 10000 in additional rev
enue will have to be provided during the
less by 100000 than the most conser
vatiVe members of Congress Calculat ed
at the outset of the session would he
needed M the additional revenue will
come fran taxes on incomes. inhcritanccs
and munitions in accordance with Il rlan
approved last week by President Wilson.
News of the condition of the treas
ury came as pleasant surprise to
members of the ways and means com
mittee, who have been pondcring for
weeks on the framing of revenue meas
ures. y meeting of the democratic
lowed the return of Mr.. Kitchin to
the Capitol and later he announced
that the revenue raising plan would
be whipped into shape within two
weeks and that the House would be-
gin to consider it Immediately after
the national conventions.
1t is probable that all the revenue
measures, including provision for pre-
parodncss revenues, . tariff commits
sion. ana the encouragement of the
dycstuffs industry. will be included in
an omnibus bill. The President is un-
derstood to favor that plan.
Secretary McAdoo's figures showed
that the balance in the general fund
exclusive of disbursing officers cred
it's. probably would be S150,000,O0O a,
the end of the present fiscal year, anC
S13,500.000 at the end of the fsca
year, of 1917.
In addition to preparedness measures
the revised estimate presented by Me
Adoo included liberal provisions for good
roads, rural credits and expenditures IL
prevent and cope with floods. In making
up the estimates, the additional cost tc
the country of preparedness during 1911,
was placed at from 100000 to $1,000, go
appropriations to he authorized by con-
gross but approXimating the sum which
actually would be spent during the ycal
under the authorization.
I'm estimate compiled by Mr. McAdoc
when Congress convened last December
showed a deficit of So 10000 in the gen
oral fund June 50. 1917, instead of the
sl3.5l"0o balance in the present estimat e
extension Of the emergency revenue taH
to the end Of the fiscal year of 1917. Tn.
emergency measure expires by Limitation
December 81 next and in compiling tn,
revised estimates MI McAdoo figured on
eliminating the stamp tan features of tn,
measure from july / next.
The Sc, 00C.GOl deficit which seemed
likely when Congress convened was esti.
mated ON basis that did not include
provisions for good roads, rural credit.
or flood expenditures. all of which are
Included in the revised estimate
Increases in treasury receipts have
been most marked in the internal reve
nu" department. Ordinary revenues
placed at s272,0IoOoO for the fiscal yea,
1916 in the estimate Of last December
Will approximate 100000. an increas,
of S2O,O'D0nO
Revenue from the income tax will q,
above S@,@"oN this year, Secretar,
McEdoo estimates, and certainly ahov,
S'acn,Wo next year The previous csti
mate had placed this revenue at Ss5.
co''co and i0""0o, respectively. TIL,
increase Of nearly S5o,o0oooo in these tw,
items of revenue alone this year is at
trihHted to general prosperity. to stric
enforcement of tho internal revenue law
"hd the elimination of Understanding
frauds I'm the payment Of taxes ON to
"Hrro' whiskey and oleomargarine, h,
which tn" government lost teas of nil
lions of dollars.