Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-12
WAR TAXATION
WILL CONTINUE
Decrease in Excess Profits
Points to Shrinkage
i'm Revenue
VICTORY LIBERTY LOANS
Foreseen by Treasury and
Amortization to Meet War
Stamp Payments Hinted
Washington. Nov. ~.

Washington, NOV. IL.
The end of the war will bring no i'm
mediate reduction in taxes to the Amer
lean people. The Senate Finance Com
mittee, which Is putting the finishing
touches to the new war tax bill, de-
cided today that all revenue that can
be raised under the measure as 1t now
stands will be needed, in addition to the
funds raised from the floating of new
victory liberty loan. The revenue bill
as II has been rewritten by the Senate
Finance Committee. will bring only
s6 ,O00, ,0O0. 900 instead of the $4,000 600.
600 return expected from the bill as II
passed the House treasury experts csti-
mated today Indeed. the return may
be even less than estimated, fer 1t Is ex-
pected that there will be n tremendous
falling off in excess and war profits and
incomes during the next few months
Taxes on profits and incomes, together
with luxury taxes, were expected to
bring in the major part IF the $6,OOO,-
900 900 return.
Failing OF in Revenue
II It is evident that the falling or will
be 80 great as to deprive the Govern
ment Of the funds needed during the
next fiscal year. new taxes will be
added to the bill. II was said today. The
Senate Finance Committee and the
House Ways and Means Committee both
considered a proposal for a gross sales
tax of one per cent, but rejected II as
unnecessary. II is not probable, but
there is n possibility. that such n tax
will not have to be included In the bill
Various reports that the Republicans
In the Senate would attempt to delay
passage of the revenue bill until they
come into power In the Senate and the
House were fatty denied by leaders of
the party today. They said they would
do everything 10 eNpediate passage of
the measure in its present form.
There is at present a strong economy
agitation in the Senate Majority Lead
er Martin started the ball rolling when
| he issued statement declaring that
| virtually all of the special war bureaus
and agencies must go as soon as theii
business can be closed up
Economy yitaiiy Necessary
| The chaotic condition of world finance
makes it necessary for the American
people to prepare for further heavy tax
alton and bond issues. Secretary McAdet
| warned today.
We do not know exactly where W.
| stand" he said We know there ar,
hundreds OF millions yet which the Wal
| Department must spend, but we dom
know how long the heavy burden viii
| last. OF this much we are sure. Ther'
must be more Liberty Loans, and there
must be a long season for heavy taxes"
The present Treasury policy is to b,
! continued. There will be no relaxation
In controlling stock and bond issue
through the capital issues committee un
| til the nations financial condition cal
be generally forecast, he said. Estab
| lishment OF credits with certain SOutl
American nations was hinted at a
likely.
Amortization TO Meet Loan Payments
! Mr. McAdoo said Treasury official
have begun consideration OF amortization
plans to meet the payments of Libert
Loans. The first big disbursement whic
the Treasury must make, back to til
American people. is the redemption o
war savings stamps, which will fall du
in 923. Small savings invested with tn
Government now aggregate S790,00O, ,00'
Another series, due in l924-has bee
announced. and Treasury officials eS
pect the new savings stamps to brin
in more than the first issue. This, too
must be anticipated, McAdoo said.
Tvailable figures at the Treasury In
dicate that at least two more Libert
Loans must be ioated,
Secretary McAdoo would not say dc
: nnitely of loans further than that tn
} nth would come But appropriation
BY Congress would indicate that at lea'
$4,000, 900, 900 more must be raised an
the view here Is that there will be tw
I loans To cover II,