Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1917-02-18
CRISP BELIEVES.
ISSUE IS A
REMEDY FOR j. s.

The financial needs of the fedora
government for the next fiscal yea:
should be provided in part by bond is.
sues is the belief of Congressman c
R, Crisp, of the Third district. He has
made known his views in a statement
given to the press. The Treasury de.
partment estimates the amount needed
at $1.36S,445, 900, Representative Crisp
is a prominent figure in the financial
legislation because of his membership
on the Ways and Means committee OF
the house.
Representative Charles r, Crisp 0i
Georgia, member of the House Ways
and Means Committee which framed
the revenue bill, has from the begin
ming of its consideration favored an
issue of bonds rather than increase oil
taxes, feeling that future generationa
should help pay the cost of the pre-
EaredneSs program.
Il regret that it was necessary TO
raise any additional revenue" said
Representative Crisp, but the large
expenditures for preparedness made 1t
unavoidable We are spending more
for the army, navy and the prepared
ness program than was formerly spent
for the entire expenses of the govern
ment, including the army and navy, but
not including the Postoffice Depart
ment, which is self-sustaiRing.
In the committee | favored bond
Issue for / believed that as posterity
would derive the benefit from the
moneys being spent for the country S
Preparedness it was only equitable and
just that they should bear a part oil
the expenses. The United States has
smaller bonded Indebtedness than
ary country in the world, the total be-
ing less than one billion dollars. We
could float bonds enough to pay the
cost of the extraordinary expenditures
without embarrassing the government
OF working hardships on anyone.
The committee and the administra-
ton was opposed to the issuance OF
bonds. Therefore there we're only two
methods left of raising revenue; either
by the protective tariff system, or by
direct taxes.
Experts on Taria.
Tariff experts admitted that it was
impossible to devise a tariff bill that
would raise the amount of revenue
necessary to meet the expenses of the
government, which had grown 50
greatly. The committee had consider
cd levying taxes on divers and sundry
articles, but we finally agreed to levy
taxes on the excess profits of corpora
tions and co-partnerships, believing it
worked no injustice or hardship upon
capital. This plan had the earnest
support of the administration and the
Democratic members of the committee,
who unanimously agreed upon that
tax.
Firms who pay the excess profits
tax will be allowed fiat exemption
of $4,000. and in addition per cent.
ret profit on all capital, including sur
plus and undivided profits, invested in
their business before the excess tax
applies.
Let me give an illustration: A cor
poration having 100000 capital, $780,
600 surplus, will be entitled to a $4,000
fat exemption; then to s per cent. on
its capital, making $4,000 more, or a
total of S17 900. or II per cent, of its
capital before any tax will be levied.
The amount of all taxes. salaries, clerk
hire and other expenses incurred b.
the corporation or partnership will
be deducted from their gross receipts
before the excess profits tax applies.
II my opinion it is no hardship to re-
Guire a corporation to pay 8 per cent,
of its earnings over and above II per
cent, return on it's capital. The gov
ernment protects them in the enjoy
ment of life, liberty and prosperity