The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-05-06
Simmons of Senate Com
mittee Expects No New
Loan Until Winter.
TAX RETURNS A SURPRISE
-
They May Exceed Advance
Estimates by About
81, 1,00O,OOO,O00.
Special Despatch TO TaE SrN.

WASHINGTON. May 5.-Chairman Sim
mons Of the Senate Committee on FL
nance believes that the financial condi-
ton OF the United States Government is
better to-day than at any time since
this nation entered the war and that an
other Liberty Loan. may not be neces-
sary until next winter.
81 am gratified," he said. by the
showing made all along the line in the
months that have elapsed since the war
revenue act was approved and there Is
every reason to be hopeful as we'll as
grateful that conditions are a. they are -
In the opinion Of the North Carolina
Senator the United States Is In better
financial condition 10y more than S5.-
O00. 100000 than the expectation OF a
year ago indicated 1t would be. The
third Liberty Loan campaign is only a
part Of the occasion for this encourage
ment. There are other elements of
equal importance besides the success Of
the three loans and by no means the
least Of these is the heavy return from
excess profits taxation indicated in the
preliminary returns to the collectors<cf
internal revenue.
Returns Exceed Estimates.
"These returns are as yet indefinite
but there has already been disclosed the
fact that from this source the treasury
Of the United States will receive several
hundred millions more than the fra mers
Of the war revenue act anticipated
said Mr.. Simmons Daniel c. Roper
. !, ,,,;. ~ Ipt Ns
not yet prepared to give a definite es-
innate OF the returns from the excess
profits tax or the income tax either but
he is convinced that both will return
handsome excesses of the original es-
timated maximum In both cases.
"It is possible that the difference be-
tween the advance estimates and the ac-
tual return will approximate a billion
dollars. This In why it will not be nee
essary at this session OF Congress even
to begin the preliminary consideration OF
legislation to amplify the tax collecting
power Of the Federal Government.
at can safely be said that there will
he no tax legislation of any sort at the
present session Of Congress. II will
hardly become necessary unless condi-
tions undergo a material and altogether
unlocked for change during the ensuing
concluding session Of the Sixty -fiftt
Congress.
$4,000. .OOO. 900 Expenditures.
"A little less than a year ago the es
Inmates Of expenditures OF the Govern.
ment in the first year of war were
placed at s2l 900. 900. 900 With the fis
cal year drawing to a close il il clear
| that the expenditures will fall at ths
very least approximately $1,000, 900. .00(
| short Of that figure. This Is another
reason for the certainty of our health!
| financial condition.
1T is this which makes il quite Ger
! tain that several months will elapse be
fore another Government loan need h'
| hoated. 1t is possible that no furthe,
Aotation may be necessary before th'
resumption OF the sitting of Congress.
! next December. This. OF course, de
pends upon the gross total return OF tn,
| third loan"
Chairman Simmons was asked il th'
| Finance Committee had In mind any ad
| ditional objects of taxation to be in
cluded in such amendatory legislation a!
may be necessary later in the war. II,
responded that the Finance Committe,
! had continuously in mind the fact tina
before the end Of the war America woult
probably come to the point where
| greater intake OF cash from taxes woul,
| be necessary
| We are not unmindful OF this ant
when the need arises there are ampl
means TO meet H." he said.