Omaha daily bee., 1921-08-06
Green Opposes
More Borrowing
ByCovernment
Council Bluffs House Mem.
ber Believes Mellon Budget
OF $4,6oO,OO0, 900 High.
er Than Necessary.

Washington, Aug. s.-(Special
Telegram. Judge William r. Green
Of Council Bluffs, ranking member
of the ways and means committee,
who, with the speaker of the house,
the republican floor leader. Mr.. Mon
dell. and other republican members
of the house, was guest at the
White House recently, during which
the tax situation was gone over
pretty thoroughly, said today that
the ways and means committee was
adhering closely to the program out
lined at that time.
While it was not then Known what
amount would have to be provided.
Secretary Mellon today in his pub
lie statement said that nearly 1000
100000 would be needed to run the
government in 1922. This amount
could be rduced and the amount due
the railroads. estimated at $525, 5,000,-
600, could we'll be spread over a
'period of two years, Judge Green be-
'ieves.
Opposed to More Borrowing.
Mr.. Green said:
Some of the members of the ways
and means committee want to raise
only $3,500,000,000, saying they do
not want to impose any new taxes.
This would leave a deficit in the rev.
enues of the next two years OF about
$1,000, 100000, which would have to
be raised by issuing certificates or
bonds. | am opposed to further bor-
rowing in times of peace. Such
practice would inevitably depreciate
the values of all Liberty bonds and
increase the rate of interest which
the government would have to pay
in its funding operations.
"As we are still recovering large
sums from salvaged war materials
and from back taxes it is favor
bic time to raise revenue for the gov
ernment as it will be raised in the
:uture and l believe the amount nee
essary can be realized by taxes which
will not be excessively burdensome.
Among the new taxes, | propose
one on gifts above $4,000. The in
heritance tax might be raised, and
in other ways we can make up the
losses sustained by the repeal of
nuisance taxes, which are so obnox-
ious, and the repeal of the transporta-
tion taxes, which | consider to be
the most important.
Against Auto Tax.
"The repeal of the excess profits
tax and the addition of per cent to
the corporation income tax in is
tstead will cause considerable loss.
If the tax is to be shifted / favor
making it high enough to entirely i
make up the amount lost and | would |
prefer a tax on the undistributed
profits of corporations to increasing |
the tax on corporation incomes and
repeating the $1,000 exemption which |
is now in force.
Il do not favor a further tax on
automobiles. Neither do l approve
Of the proposed tax on bank checks.
"The revision of the tax laws
present great difficulties. Until the
time of the war no such gigantic
sums were ever raised by taxation
in any country. There has been
some talk that the preparation of tie
bill would not consume much time,
but it will be impossible to get the
bill out inside of two or three weeks.
For the first time the ways and
means committee, although it does
not make appropriations. is deter
mined to exercise a control over ex-
If we can do Il i'll no
other way, we will do it by refusing
<o ra;ea the v,,onev