Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-12-22
Faxes VIII Remain Heavy

DECENT discussion OF the country's fiscal
y condition by higher officials of the gov
"rnment indicate very clearly that there will
be little il any reduction in the hurdensome
Federal taxes now levied against the earn
ings OF tho American people. Secretary OF
The Treasury Glass in his annual report gives
candid warning 10 the country that il will
he necessary for il to shoulder the weight
OF present taxation FOR At least another year
IL tho government is to stop borrowing
money with which TO finance itself.
This does not mean. however. that there
WEI h" no legislation Oh the question of
taxation. REPORTS intimate that the House
Ways and Means even now is
engaged in y discussion Of the whole tax
probleln. and that it is preparing to over
maui some Of the existing schedules. particu-
larry tina; which levies n tax against busi-
ness profits. No promise is held ON. tborpb
that the income tax rates will he further
altered at this timc. On January / of this
year, these rates were materially lowered.
and 1T is fel, by congressional leaders they
cannot he further modified until tho OK
penses Of the government greatly decrease.
ne estimates submitted to Congress bv
secretary Glass call for appropriations an
proXimating S5.0oo, 600. 900. This is mn
enormous sum OF money for the country TO
spend III Il time OF peace and Mr. Glass an
houlcement has been followed bv an in
slstent ciainor that appropriations be GU,
20 lle very bone in an effort to lop off
at least $1,000, 600. o0o from the depart-
mental estimates. Uut expcrience in ve,r.
gone by is discourag'H" when it is recalled
III inns connection. that successive Congresses
inclined. have slashed their an
preparations at the beginning Of Il session
lhen more than overcome their economies
ny deficiency appropriations at the end of
the session.
The ANIMAL report of the commissions
OF internal Revenue indicates that tho t.v
'e'nrhS Tor the past year will exceed Sc ono =
"V''oo'' Il TACT which would seem to promise
u measure vi rellef from taxation, since the
administration has asked for apDropriotious
OF l'"oo'uoo,0O less than in its 1915 ta1
income. But, as already stated tbn income
t"N rates nave been lowered and the receipts
from the excess profits tax during tho rnar
t'i9 ana tho year 1920 will he less Than
curing the inflated period Of 1918. In other
"oras' II inc present tax schedules remain
nnaitercd, the revenue probably will NOT er.
cecu So'ooo,OO0,000 for the coming year !,
90 WHICH VII. Glass undoubtedly had in
inlnu when he gave notice that no lifting ar
the tax burden might be expected for an
other year. III
h"' therr are gratifying reasons for he
ie'ihs that Congress is minded to overhaul
me excess profits tax schedule and ,o Sim
h'ily 1T materially, even ii it is not repcaleJ
"""ii!- us Outright repeal has not bocu
'ohs'uercd at this time for the reason thar
neither the administration nor the WAYS and
means committeeman has found any suhsti.
'ute lor 1t. If that source OF income is closed
some other must be discovered. and if is mn,
Easy 10 ma a new method OF raising n hill
lion dollars by taxation.
"c"h"h'le' the American people might as
We'll resign themselves to the necessjtv or
contributing heavily To the support of thoi.
government until the heavy load OF most
war expenditures has been shifted.