Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-09
The Revenue Problem

Z VERY available indication points TO a
L. tremendous reduction in the govern
ments income from internal taxation In
dividual returns have now been made cover
ing the calendar year 1920, and although it
will be many weeks. perhaps before the
Treasury is able to analyze them carefully
enough figures are now in hand 10 show
that the tax upon incomes and upon Profits
which must he paid this year, will fall at
least Sl,o00.00O,00o short of Tie taxes paid
i'll 1920 upon The business done in 1919
Nor need there he any surprise over this
fact. l, is the experience of men in all lines
OF activity that less money was made last
year than the year before and less probably
will be made this year than last The pro-
ceSses OF detiation and of reaction are hay
, ing full play. Business is depressed and
earnings are smaller than in ordinary times
/ In many instances given industries are TAX
! ing losses.
+, How ends are to be made to meet this
year is q problem for the new Federal adj
! minis;ration to deal with. The last Con-
sress might have contributed to that end
! and it made great show ut one time of
| doing its part. But when it had finished
| us business IL found that It had apDro-
| priatcd approximately as much money for
! expenditure during the coming fiscal year
| as was appropriated during the year which
, will end i'll July
| he army and navy appropriation bills, of
| course, are yet to come. Neither reached
/ me stage OF final enactment in the las, Con-
gresa. The army bill was vetoed by Prcsi-
! deht Wilson and the navy bill was ditched
/ by carefully organized iilibuster But the
/ sums OF money they carried would have
/ brought INC grand total up to that of last
! year, and there is now little prospcct that
Z bn
| g,css
! With the government outlay for the cc::,.
! ing year fixed az something like $4,000
! "oo'ooo, including the $1,000, 900, 900 inter
| est Oh Tue national debt. and with prosDcc-
! NNe revenues not more than So. 900 900
! at The outside. it is difficult to see where tho
! administration is to draw the money TO nav
| It's bills.
! New taxation, of course is imperative
| under such circumstances. hut taxation is Va
! matter OF slow processes, Months vii; bo
required to draft new system of taxcs
even II Congress is able at once to discover
sources OF revenue not now tanned A,,cr
Il lax system has been provided Tor other
+. Hcnths must eiapsc before the Treasury ,I,
p"f'mcnt is able to devise Il collection or
SANITATION.
IN all likelihood, the Federal government
VIII not begin 10 raise money from the safes
YAK or any othe! tax that may be provided
LOT. until after January /, 1922. The drst
iHs'a'Ini"hi oJ such taxes, assuming that tho
!hstallinrnt plan will be rcadopted VIII mt
become actually available until the end Of
March l"22 Manifcstly this will be too
iate Tor revenue from any new law to affect
me hscal situation during the current year.
Mhcn revenues fall short OF appropristed
oh'iays. there is only one course omen 10
INC government That Is TO borrow money
70 pay It's bills. The government is even
no" borrowing money. IT is making short
'cFm loans every few months from Tho
banks, and il now appears that such loans
WIZ be necessary for N least another wear
The Indianapolis News. speaking Of us
own town. accurately pictures one phase of
lHchmond lie when it says: "1'he house
SH"r'%ss may have passed the peak, but the
lent lonGasa hasn't"
fiiiy years IN The police service of Rich
H'"hd are calculated TO furnish man with
MAIL pointers Captain Lipscomb ought 10
"F'te history of old Manchester and
it!chnond
ne verdict is now unanimous. President
haFhihss Cabinet having decided that Ger.
many was responsible for the war.
70 y >i'ofR ro!igG arros, forty bar1enoors
hnt dispatches do not say wha, became o,