New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-23
First Receipts
On Income Tax
Over Billion
Continued from page 1

four billion and might reach the
50, 100000 estimate of Congress at
the time of cnacting the revenue bill
The aggregate of first installment pay
ments will bring irr,o the Treasury only
about $500 100000 net at this time,
however, since $800,0OO,00O is required
TO pay certificates of indebtedness ma
turing coincidentally with the tax pay
ments.
Expense of $1,2OO,OOO,00O Month
In support of the belief that the
Treasury would make $4,000, 900 900
the goal OF the Victory Loan campiapn.
o1hcials pointed out that $4,855, 900 900
certificates Of indebtedness were out
standing to be redeemed out of pro-
ceeds from the loan, and they said that
probably another billion must be is
sued before loan receipts begin to
pour in. Proceeds from the certif-
Gates Will be requirde to pay ordinary
government expenses for two months.
n nov running at the rate of 81 200 ,0Oo,-
900 month, and to redeem n little
more than $600,000,O 900 of certificates
falling due before May g.
The Treasury has available to meet
current cash requirements about ST.
|0OO0O,00O, a rather high net balance.
not including the tax receipts from
last weeks collections. Officials, how
ever, do not desire to let the cash
working balance get below billion
dollars, for this is less than a months
expenses.
Indications now are that unless the
victory Loan is largely oversubscribed
me treasury Will have to begin with
IN few months after the campairn
to market new securities, selling them
mainly to banks, as means of meet
ing future governmnt expenses.
Would Also Issue Certificates
These would be in addition to pos
sible issues Of tax certificates in an
tlclpation of the last two installments
OF tax payments September Is and
december ID: In preparation for the
second installment June Is, approx
mately $685,000000 of certificates al
ready are outstanding, and the Treas
ury has announced it does not exnect
to increase the amount of these GER
tificates.
A statement issued by the Internal
Revenue Bureau in connection with
announcement Of the total tax collec-
tons, said:
-Four billion seven hundred million
dollars was estimated by Congress from
these sources, and the March payment
indicates that this figure may be real
ICED, as all of the returns made by cor
porations are tentative. 1t is assumed
that they estimated the minimum
amount of tax to which they will be
subjected. The actual amount will be
shown in the complete returns to be
filed not later than May l.
General prosperity throughout the
country is indicated by the returns.
THE Bureau Of Internal Revenue
has collected from all sources since
July 1, the beginning of hte fiscal year
about $2,250,00 Of revenues"
The Second New York district report
ed $145 ISL 900 of the income and prof
it's taxes reported. This was the biggest
collection of any district. The Third
Massachusetts, with $75,203 900, was
second. The First Illinois, incl udng
Chicago, reported incomplete returns OF
$72,089,000. The Twenty third Penn
sylvania had $54,315,0O0.
All but five districts showed decided
increases over the 25 per cent Of last
years income tax collection. The ex-
ceptions were Minnesota, New Mexico
Philadelphia, Pittsburgh and West Vir-
ginia. On the basis of last years col.
lections, Minnesota's quarterly deposits
should have beeen about $4,000 900
but they were only 100000 Phila-
delphia's should have been SAL 900 900
but were $38,000,000. while West Vir-