New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Three Billion
Tax Bill Put
Before Senate
Penrose Makes Public Meas
ure Calling for Levies
Totalling $4,000, 900
Above House Proposals
Few Changes Expected
Repeal of Excess Profits
and Reduction ON In.
comes Leading Features
From The Tyibune's Washington Bureau

From The Tyibune's Washington Bureau
WASHINGTON, Sept "a. - Prepara-
tory to asking the consideration of the
tax bill Monday, Senator Penrose.
chairman of the Finance Committee,
submitted the majority report on the
bill to-day and made it public This
action followed meeting of the FL
nance Committee. The minority views
will be submitted later
The bill as reported is estimated to
yield $3,324 100000 this fiscal year, or
$S4 100000 more than the House bill.
The present law would yield So 3,460 ,0O0,-
600. The report says the bill should
yield in the next fiscal year S2,735. .7O0,-
600, or about 100000 more than the
House bill. The committee assumes
that the expenditures for the coming
fiscal year of 1923 will be about So, ,5O0,-
100000, as compared with $4 4,034, 900 600
this fiscal year and $5,116,0 900 900 in
the last fiscal year.
1t is the view of the committee that.
apart from the special railroad ex-
penditures under the transportation
act and under Federal control, the total
expenditures for the next fiscal year
will be substantially as large as this
fiscal year. The committee says moth
ing about various economies which
have been promised under the budget
system.
Tax Shrinks Billion
The report brings out that the esti-
mated income from income and excess
profits taxes next year will be more
than $1,000, 100000 less than was col
lected this year. 1t was explained that
this shrinkage was the result of bust
ness stagnation and the conversion of
funds into tax-exempt securities. About
So 100000 900 was collected in income
and profits taxes last year, whereas the
committee report estimates the income
from these sources this year at ST.
$4,000, 900.
The majority report contains. among
other tables prepared by experts, a
table showing the estimated govern
ment receipts for this year from all
sources to be $4,0S6,0O0 900. and for
the coming fiscal year $3,467 ,2000 600.
The collections last fiscal year were
So ,623, ,506,745. The table sets forth the
tax collections for this year as fol-
lows:
Individual income taxes, SS5O,o0o,-
600; corporation income taxes, $780,
100000; profits tax, 100000, 900; back
taxes, $780, 100000; miscellaneous, ST.
214,000000.
Other income is estimated as fol-
lows: Public land sale, $1,500OO0;
Federal Reserve Bank, $60,000,000 in
terest on foreign obligations, $25 ,oo0,-
600; repayment of foreign obligations,
$50 ,00O 900; sale of surplus war sup
plies, $200,000000 Panama Canal re-
ceipts, s14500000; other miscellane-
Gus, $156,000,0O0.
Lists Four Billions in Revenue
The report says:
"The revenue bill which your COM
mittee recommends is designed to pro-
duce enough revenue to meet, without
borrowing, all ordinary expenditures,
including s265, 54,S65 for the cumula-
tive sinking fund authorized by the
Victory Liberty Loan act, but not enough
to create a current surplus and thus
encourage unnecessary spending.
"The Secretary of the Treasury esti-
(Consinucd on page forr)