The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-11-08
HOUSTON READY
With SCHEDULE
Congress Will BE Asked t0 Fol-
low Out Definite Program for
Retiring Bonds.
WILL CUT INCOME TAX
Under Proposed Plan Incomes
Below $4,000 viii Not BE
Subject 20 Levy.

Washington. Nov. Z The nation wil
face = continuation - the annual ta'
bHi 81 four billion dollars II congress-
aaopta recommendations drafted bA
treasury officials whicu Il was under
4tuod TONIGHT. have been laAd before
seeretarv Houston FOR approval
Alr. Houston. IL was said, probably
wIu lnehlde such recommended auons L
ihe form of an analysis n the govern
uients nnaneial conditions IN ~ forth
.0mlng annual report o. conEfcss. Tn
analysis wIl show. and accompany ins
Htslrailons viii sugsest q was said
that 4 three year program Toe Tax res
vision IA required in order 20 meel
maturing government ahiigations Mhd
lower current federal expenses Ap-
urnximatelN eight billion dollars il
,leiary notes war saving securities and
fIfasurg certificates - iudrbtednrs-
vHl rs due fof payment within ths
81 81 lhfre ,ears treasury figures show
ttelfnliun ~ thr present asgregate ieveI
ef lakas 81 m lntruance ~ the an
uus retsnup 80 tho government Al
HaHt famr million dollars then y held
60 be unavoidable on the face ~ az
rnae esprndiiuees estimated Tor the
p.flod.
Heeaif nirHds liens tD g. made b. Alr.
tiuis.on. II 6 understood Win propose
snullshmeni ~ lhe rkrrss profit taxes
~ their rhtlreiy and the substitution of
nyasiaalFd Income tnx - a subsian-
Hih aeepet eul than under present
fetauue laws ID WAS believed the new
iaronf mkcs would apply only 90 in-
eniar. ai.es. sse0 annualiy @sa $3.50
trat lainu wpuld De- made for a sra
.Hnsted infraase even un the addi-
infaf tnx thr amount uf incomu
EruWa lararr
Fhs secretary i expected 10 advise
eanaress That thc strictcst economy ~
fe,lafs1 appropriations i necessary I
ibf nroafam outlined On the hssis ot
four hiIilun dollar tay bill & % -
accomplished co. has said i1t mere
was 81 Way rs estimate win any 1e-
aree ~ aecufary what even the pres
rni laws would Yield In revenue be-
rausf nf lhc rapidly chnEins eondl-
Nans ln business as a result ~ after
thg var transition and reaalusimenl.
Nr. noustans view nf this was sad
ta ha thrs Tax Receipts would be ma
tsrlailg lower later N ne present ns-
"a wear. which ends june 80. iEi,
anI ihat Therefore me government IN
ealna under lhe present revenue laws
could not 81 taken as basis for cats
fnlAflnF future receipts This altitude
witch Is held ale0 by practically al
treasury officials havins % do Win
tsx raiirrtions forecasts q task II
scat difficulty for the trainers y me
ueW rovenur act The treasury VIII
Insist stronRiy on lcEialatlna which
would produce four billions for M
nexf YEAR but the way. and means OF
eeitlnw Il will be- left % Guns scSs cN-
repi for ine suggestions contained in
lAe truanuryra report ln eart the
tan law framors viii be Informed that
there u no alternative % voting .
revenue A. that viii produce tae re-
quifed suounL
Tho program for handling the "a
t.anai dent ami its payment is 0bliga-
tors -enn b. accomplished only thr0ush
nanual revenue ~ four billion ioli,ts
treasury officials hold With the vle
tary nogas mntuvinw In iala and the
war savings securities falling dme ln
the Interim and until i93t, d Wta de-
eiared 4 possibility that the sour hll-
lion dollar tax level might have 10 hr
continued even until the latter date
A#fNHMNH NNEHNH 50 NAN..NA"At HN ftt'et
with those ~ the Republican mtlcfit,
tn eonwress en- questions ~ ways ana
means 81 obtaining the needed revc'
mues nut with the changing admins
tration a was understood toe present
regime 81 the treasury would inerrA
suggest and afer little argument L
support ~ their stand for repeal of th'
excess profits taxes and replacement .
ths amounts - gained hy higher m
come taxns
n was expected that tariff question
would be brought into the discussio
ami that those ln charge - taN gh
laiian mixht seek to offset sonr @
lhe denrit hv hiRher duties and Gus
'enls acceding to the trcasurY's arsu
rent Tor Wipins the profits tsx provt
Fi0na or the statute books.
TIE treasury a committed 70 a con
ilnuatlon of the sale ~ saving ~ecurt
Les Although amounts thus o0'alne
are small. They help materially in re
ilfvina current burdens ~ demand q
ibe treasury b. spreading out 'hs pa
turlns dates acCofding io Officials. To-
feature ~ thc financial status e %
government also viii have % - con
elterrd IN the neat tax laws. since ri
Details believe "a offers one road n
te distribution ~ small amounts
D. tax burden over several addition.
aars, Il was sad 90 he only a mean
q deferrins nalmeut. bat after o.
ftiorY notes have heen retired. sstur