Albuquerque morning journal., 1916-07-06
REVENUE BILL
IS COMMENDED
BY COMMITTEE


I Washington. July b. The admIui-
Astutuu general revenue t#II dgsigned
ito produce about $500 nu0. .1oo of 4ddt-
funnal revenue from Increased surtaN
ON incomes ana from taxes on Inherit
alces and war munitions profits was
ifay0wbly reported TODAY bv The house
ways and means committee and prob
Hht viii bt passed Hg ,hc house Mn
day
Two republican members OF the
committee. Longworth of ohio. and
Gardner. of Massachusetts voted with
the democrats for favorable report
but reserved the right 20 express dur
ing debate in the house. their ohJec-
tons "a the method of the majority
ln framing the measures Two other
republican committetWcD Green, uf
Iowa. and Sloan. of Nebraska While
they voted against reportul tbe bilL
gave notice that they expected to sup
port b on the final roll 1ail
General debate Is expected to begin
Thursday Under q special rule pro
Vding for n final vote before adjourn
ment Monday That plan was definite
ly agreed on during the dag hF house
leaders
Increased Need Explained.
The committee report says that The
necessity for revenue legislation
flows ont OF the necessary increase
u appropriations for The army and
navy aud fortIficatioH Of our country
The financial situation Is summ8-
rized In this way:
Estimated excess OF disbursements
over receipts Tor the fiscal year end
ing June 30. 1915 S2Ct,g2z. .00o. addi-
unuAl receipts under The proposed
bill income tax. St0GNu0.0oH, estate
tax, $1,000. 600, (aud b. IS estimated
that the annual receipts obtained from
the estate tax viii amount 10 $4,000
400 when the law is Zoo rIli operation
munition manufacturers tax. Sii 0U0.-
GOO, miscellaneous taxes. $1,000, 600
Total additional receipts, $4,000
000 Balance To be taken from gem
eral fund, E6g,922. .060
Unusually Large balance.
Fortunately the balance n the gem
eral FUND june 80. 1916. was much
larger than at the end of the fiscal
year since 1908. After doducuuG S5g.-
100000 for disbursing officers bal
guces, there remained n this fund
over &12T.00O,0O0 After deducunp
t6s. .s22 900 from this fund as above,
there viii sUll remain June 30. i9lT,H
IN the general fund over $1,000 600,
exclusive uf the dishur-iug Officers
balances. II is estimated that the to-
tai appropriation for ng fiscal year
ending june 80, 1917. viii not exceed
SI5I9. 1000 600 This includes Sl21.-
N00,0 to meet the extraordinary oN
penscs or disbursements o,,3simgd hy
the Mexican situation This. and amy
other appropriations NAT may be- u,c-
--sar.f f..
traurdinHry expenses which may hc
incurred ON such account should be- fi-
naucCd hy bond issues as IS always
done boy this and am other nations uu-
der similar circumstances
Deductions from Disbursements.
lnesllmaung The actual dishurst- f.
ments IL is proper to deduct the sink f.
ng fund requirement included iu the .
5efHaeut appropriations at t6u,t25.- +
'e0 f1r The fiscal wear 1914 aHd also
he postal appropriations estimated /.
tt $32l 10000 payable from The pos.
al recvnues. 10 is also safe % deduct /
rs moNpondCd, AN equivalent 10 five
let cent Of the total estimated appro-
niatlons remaining after these deduc-
Ions. pcducting the sinking fund and
iosiai appropriations ana the five per \
tut uf tine balance as uucNpoudcd
nd the estimated SlZ5,0O0. o00 of
,onds 90 finance The Mexican 4Wa-
ION leuves sI0l5,122 600 ms the
mount for which t is necessary To- +
ravide revenue The estimated rcv,- (
ue under preesut laws Is S1jh. goo 600
.sUmntcd excess Of disbursements
Ner receipts S26B,ge2. 900
High Consumption Taxes.
IF is probable that no other country
oriyr~ Hs much revenue ucr capita
rom che people through consumption
axes as does the United States the
aport suys adding that the revenue
,stom should hc more evenly lGl-
need and "a larger portion of rcv,-
ucs collected from incomes and I'M
eritanres of those deriving the most
oyeruWeut benefit
}ICCIANC pFDIl CEO