The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-05-15
.ONE- THIRD OF THE
COST OF WAR TO
BE met BY TAXES
In CURRENT YEAR.
Revenue Receipts For Fis-
cal Year Now Placed At
Four Billions
MUCH GREATER
THAN ESTIMATE
Income and Excess Prof
it's Taxes Alone Yield
$2,775, ,185,O0O
(Ry Associated Press.l J

(By Associated Press.)
Washington, May 15.-Revtsed es-
Inmates of revenue receipts in the
current fiscal year ending next June
80, place at S4,095, 900 the sum
which the American people will con-
tribute directly to the government,
mainly in taxes, for prosecution OF
the war. These estimates, reported
today to the senate by Secretary Nc
Adoo in compliance with a request
for specific information throwing
light on future revenue needs, show
that about one-third the expense OF
the war this year has been met by
taxation and two-thirds by Liberty
bonds.
The report disclosed that about
BITS, ,1S5, 900 will be collected on the
basis OF income and excess profits
tax. returns on file May 4, about
$34S, 100000 more than the yield es-
timated when the war revenue law
was enacted last October, but less
than the $4,000, ,00O, 900 recently esti-
mated. The total now expected from
internal revenue which includes in
come and excess profits returns, is
SO, ,643, 100000; from customs $780,
100000, from miscellaneous sources,
including $40,000,000 earnings of in
creased first class postage $270, ,000.-
600, and from sale Of public lands
$1,S00.000. = s.. :, .-.... 90
These figures, although not based
on actual collections, represent quite
accurately what may be- looked for
from ordinary revenue sources this
year, the treasury believes, because
the largest item, income and excess
profits taxes, have been calculated
by revenue collectors from returns in
their hands eleven days ago, showing
in most cases exactly what win be
paid in June "
Sources Of Revenue.
Actual collections up to April I,
and estimates of receipts to June 80.
now show that 1888, s,714, 900 may be
expected from internal revenue
sources other than excess profits and
incomes. The taxes are distributed
as follows: From distilled spirits,
$284, $4,000; from fermented liquors,
$1a1, $4,000; tobacco = $154,909 900;
rectifed spirits, $3,501 ,000;. wines and
liquors $9,s66, 900; freight, express,
telephone, telegraph and other pub
lie utilities taxes $67,9S1, 900: estate
taxes, $50917. 900; excise taxes on
automobiles, jewelry, piano players,
moving picture Aims, sporting goods,
cosmetics, proprietary medicines,
chewing gum, cameras and pleasure
boats, $50, 6,073,000: admissions to
places of amusement and club dues,
$50, 793, 900; corporation capital stock
taxes, $24,602,00 stamp taxes on
futures, bonds. securities and playing
cards, 1885,, 900; insurance policies,
$6,07S,D00; soft drinks, $2,582 900;
al la 49, IN
brokers, bowling alleys, pool tables
and theaters as business places, So
237, 600: oleomargarine S2,130, 600:
compromises on delinquents, opium
distributors and other minor sources,
81, s02. .000 From. the old rnunition
nlanufacturers tax, $40,000,000 is ex-
pected, and from capital stock and
other special taxes under the revenue
act of Sept. s, 1915, $2s, ,0S9,00 ~
Actual collections on income and
excess profits taxes, including ad-
vance payments, amount to S47,0S5,
600 and $2,728.100, 900 is expected be-
fore the end OF the year.
Collections from other internal
revenue sources up to April 1 include
the following:
Distilled spirits. $4,000, 900: fer
mented liquors. $40, 500,0 900: tobacco,
Sill, 409,0 600; public utilities, $24, $780,
900; excise taxes, $19,573 900; capital
stock, $24,47s.000; admissions and
dues, $14, ,798, 900.
Indications now are that part of
the taxes from incomes and excess
profits will not be paid until after
July l, the beginning Of the next fls-
cal year, owing to permitted delays
In filing returns. and difficulty in re-
viewing a number of excess profits
returns and deciding what taxes are
fair. This probably will prove true
of many returns for which the tine
of fling has been extended past
April /.