Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-12-06
5 BILLIONS MORE
NEEDED BY JULY |
Means of Collecting This Sum
Will Be Authorized by Con.
Rress Soon.
MORE BONDS AND TAXES.
Some Difference Of Opinion AZ to which
Method Of RAISING Bulk Of Five
billions shall he Res0rted To.

Washington, Nov. 30.-Early in the ses-
sion converting next Monday Congress
must authorize means Of collecting from
the American people between now and
July about five billion dollars. in addi-
ton to the q, e66, 000. 900 from Liberty bonds
already authorised but yet to be issued.
the billion dollars or less expected from
war savings campaign and about three
billion dollars from war taxes.
Most congressional leaders believe the
FIVE billion dollar balance must be pro-
vided principally by issue Of bonds, and
Secretary McAdoo has told members Of
Congress- that he heartily favors this
method. Chairman kitchin. of the House
ways and means committee, on his re-
turn to Washington tomorrow will take
up the question Immediately and the COM
mittee within a week or two Is expected
to frame a new bond measure. II this plan
is finally adopted, the country probably
will be called on to absorb two more big
Liberty bonds issues between February !
and July i, aggregating more than So, 800.
100000.
Another big finance question which will
receive the early attention of Congress
Is the continuance Of loans to the allies.
II the present rate of extending credits
to the allies Is continued, the seven bill
lion dollars authorized credits will be
exhausted by July 1 and Congress will
have to decide whether to continue the
loans after that time. Six billion dollars
will be required for the fiscal year be-
ginning next July I, II the rate Of a
half billion dollars month is kept up.
Vida difforonCn nf totS In
Congress over the question Of whether
the bulk of the Ave billion dollars should
be raised by taxation or bond issues but
those advocating the issue of securities
expect strong support from the admin.
istratton. They are prepared to argue
that the internal revenue bureau already
Is over-burdened with the immense task
OF creating machinery for collection OF
the $3,400 100000 war revenue expected be.
fore July and that great confusion would
result from imposition of new taxes be.
fore opportunity has been given for the
existing levies to adjust themselves tc
the economical situation.
Taxation advocates are expected to make
night for establishment Of new taxes or
certain business lines. and for increase
of income and excess profits rates. Under
the present law, the estimated receipts
from incomes II $l.zU.UUOUO and from ex
cess profits 81, 22o. 100000.
Treasury ohicials and congressiona
leaders In charge Of the finance program
| have no means Of knowing at this time
what success the war savings plan will
meet. but most Of them figure on receiving
between 5000 900. 900 and 81 900 600 900 Of tn,
| authorized two billion dollar total befor,
| July /.
In connection with the taxation legis
| lative program, 1t Is not indicated tina
Congress will be asked by officials Il
charge of administering the tax laws L
make a number of amendments to tn
| excess profits tax provision. Member
| Of the excess profits advisory committee
which has been assisting Internal Revenu
Commissioner Roper in interpreting tn
law, feels that 1t is impossible for tn
executive branch to define what shall b
included in Invested capital for in
stance. and that further legislation will
be required to clarity this and severa
I other sections.
| The advisory committee went to worl
to-day on its recommendation which vii
be submitted to Commissioner Rope
probably the middle of next week.