Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1918-11-15
M'ADO0 REDUCES
TAX ESTIMATES
Treasury Head Puts EXpen-
diturc at lS Instead of
a Billion.
WANTS 6 BILLION MEASURE
Urges Passage of Pending
Bill As Revised by the
Senate Committee.
CRlTIClzES EXISTING LAW
Declares 1t Is Satisfactory
Neither to the Country
Nor Treasury.
WANTS 6 BILLION MEASURE
CRITIClzES EXISTING LAW

WASHINGTON, Nov. 1i.--Rcvis-
ion Of the pending revenue bill with
4 view 20 Yielding SG.OOO.0OO, 600, ,
PAYABLE during the calendar year
1919. and not less than $4,000. 900, 900
the following year, was recommended
by secretary McAdoo tonight in a
letter TO Chairman simmons OF the
senate finance committee, setting
forth the trcasurys' financial pro-
gram FOR the reconstruction period.
The secretary estimated that eN-
pent.turcS during the fiscal year end
ing next June 80, now would he {lS.-
10000. 900 instead Of the $4,000. .
OOO 900 estimated before there were
prospects OF peace. He declared for
continuation of the policy OF loaning
10 the allies for a limited time dur
ing reconstruction after peace to en-
ale them to purchase fuods'uffs.
raw materials and manufactured
products in this country.
Other recommendation we're:
InstallmCnt Plan Proposed.
Tha, income and profits taxes be
payable in four equal quarterly in
stailments on March Il. June IS,
Septem her II and DeCem Der Is.
That excess profits tax rates for
payments due next year he no higher
than those in the existing law.
That necessary safeguards be pro-
Nded for war and excess profits
taxes In the form OF adequate pro-
visions for amortization, Conserva-
tive valuation Of Inventories and as
certainment Of minimum income
which shall be exempted from the
TAX 10 insure the taxpayer against in
justice and avoida BILE injury.
That war and excess profits taxes
he eliminated entirely for paym ents
due in 1920 except with respect 10
profits on contracts negotiated dur
ing the war period
That cooperation and individual
TAX rates he increased on incomes OF
1919. payable in 1920.
That the basis for next years
taxes payable in 1920 be determined
now,
Wants Pending Bill Passed.
The secretary also urged prompt
enactment Of the pending bill. lie
estimated tho revenue yield from the
measure as framed by the senate II
nance committee AZ $1,000. 900, 900 as
compared with the $4,000, 000. 00o
provided ny the bill as passed hy
the house which ne declared 'is
more stringent than the changed sit
ra'ion will Justify"
The existing law is not satisfactory
70 ne country nor to the treasury, he
added
Mr.. McAdoo did not refer to the
iUrh war loan which probably will
he fioated next spring, but his cal,
citations indicated that the size ot
his might be around $5.00O,O0O, 00(
10 make M the difference between
Ihe 5000. .000. 900. 900 OF taxes, plu.
|eSS6,OO0,00Q gathered from the
fourth liberty loan and the SlS,000,'
100000 Of expense.
The senate finance committee to-
morrow will examine Mr.. McAdoo'
program and will examine him IL
person when he appears before thu
committee late in the afternoon
,nalrman simmons, after Studyint
MF McAdoo's letter, said in the mar
He approved Of the socretary's rec
concentrations He added that tho'
ne approved " tho seCretary's rec
te'ary mad discussed at repeated con
ferences.
After reporting that Hovcrnmen
tNpenSeS for July. August. Scptcmhc
ana October his year Amounted {,
S'.h5' .OOO 0u0 or Sl6IO O0O 600
"'on,h, Mr. NoAdoo in his letter said
Iher" seems every reason to an
ucipate large reduction in tn,
oIe'hm'ni 3 ,NDcnlltures during tn