New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Three Billion
Tax Bill Put
Before Senate

mates that the expenditures for the
fiscal year ending June 80, 1929, will
aggregate Sa,034, 900 900, an amount t
will be noted, in excess of the appro-
priations for the same fiscal year. be-
cause of expenditures that must be
made from available balances from
prior or continuing appropriations.
Many Other Resources
"The principal receipts with which
to meet these expenditures must come
from internal taxes; but there are
substantial receipts from customs and
miscellaneous non-tax sources, such a
alvage. Panama canal receipts and the
like. Customs and miscellaneous nom
tax receipts will yield, it is estimated
$162 900, thus leaving S3,272, 900 900
to be raised by internal taxes The
new revenue bill, amended as your
100000 which exceeds the amount re-
quired from this source by only $751;
000,0O0--a margin of safety none too
large fort he fiscal year 1922, in view
of the existing business depression and
the uncertainty attaching to the yield
OF the income and profits taxes.
at is not possible to make an nc
curate forecast of the expenditures for
the fiscal year 1928, but your COM
that, with the exception of the special
railroad expenditures Transportation
act and Federal cortroD, which will be
nearly, if not wholly, completed in the
fiscal year 1922, the aggegrate expen-
diture for the fiscal year 1923 will be
substantially as large as in the fiscal
year 1922
THE special railroad expenditures
included in the 1922 budget amount, in
round figures, s500,O0o,00O, and the re-
celpts from GUST rs and miscellaneous
estimated at $790000 eco. Deducting
both amounts l$1,230.0 00.000) from the
total estimated expenditures for 1922
tS4,034.000, 000) lea rs, in round fig.
nres, S2,800.000,000 to be supplied by
internal taxes for the fiscal year 1928
The revenue bill as recommended by
your committee will raise during 1929,
1t is estimated s2,735, 100000.
Depends on Economies
The difference or deficit of $685.
600 ,000-about equal to the correspond
ing surplus for the fiscal year 1929
can and should be avoided by savings
and economies. Your committee de-
liberately recommends a tax program
which. while providing revenue sub
stantially sufficient to meet ordinary
expenditures on the present scale, as
sumes that reasonable measure of
retrenchment and reduction will be ac-
complished. The total ordinary ex-
penditures for the fiscal year 1921
amounted to s5,115,927 500. For the
fiscal year 1922 the expenditures are
estimated at s4,034 ,oOOO 900. The above
program assumes that for the fiscal
year 1923 they will amount to approx,
matelv $4,000, 100000, an entirely rea-
sonable assumption in the light of our
present knowledge.
For the fiscal year 1922 the present
law would yield S3,46O, 100000. the
House bill s3,24O 100000. and the bill
az reported to the Senate S3,324, 900, 900
The reduction in the individual income
tax is due principally to the increase
IN the personal exemptions from $4,000
to $500 for heads of families having
an income not in excess of $4,000 and
the proposed increase in the exemp-
ton for dependents from 5000 to 5000
This increase in the personal exemp-
lions will reduce the collections
principally for taxpayers having in
comes below $4,000 about $40 900 900
annually. but only part of this reduc-
ton will affect the revenue for the
fiscal year 1922.
For the fiscal year 1928 the present