The Washington herald., 1921-07-01
FIGURES TARIFF
BILL WILL YIELD
ONLY $4O0,OOO,OOO
Mccoy, Treasury Expert,
Sees Little Gain Over
Repealed Taxes.
IMPORTS ARE LESS
Rep. Garner Leads Democratic
Fight Against Fordney
Measure.
IMPORTS ARE LESS

Comparatively little additional
revenue can be counted upon from
the new tariff to fill up the gap
caused by the repeal Of obnoxious
taxes. according to Treasury ex-
perts who are studying the prob
able effect of the Fordney bill as
introduced in the House Wednesday.
The new bill, IL enacted in its
present form, will yield only about
S40O, 900 900. according to rough es-
Inmates by Joseph S. Mccoy. actu-
airy of the Treasury Department.
While this is a larger amount than
ever obtained from customs duties
in the history of the nation, II is
considerably below the 100000, 900
figure which was commonly referred
to as the possible yield when the
drafting OF the tariff bill was be-
gun several months ago.
Allows for Less Imports.
The estimates of Mccoy have been
made both IN the light of the present
diminished volume OF imports and
the shrinkage in values. The reve-
nue. obtained from customs duties in
the fiscal year 1920 amounted to
s323, which was an in
crease of S14o.107.93447 from the
1919 total of sIS3,42S.6247S. The
huge volume of imports during the
fiscal year 1920 ran the revenue
from the Democratic Underwood law
up almost to the record total of
1898, 3,6s3.445 which was obtained in
the fiscal year 1910, under the
Payne-Aldrich law.
At present imports are amounting
to less than half the volume of a
year ago. The s40o.oO0,0oo estimate
takes into consideration a possible
increase in volume, but on a lower
basis OF values than prevailed last
year.
Sees Small Revenue Gain.
The estimates OF $500. .oOo. 900
would have furnished increased rev
enue to the extent OF nearly S40o,-
100000. which would have gone a
long way towards making up for
the repeal OF obnoxious taxes, in
GLIDING the excess profits tax, the
! higher income surtaXes, soda water
and few other miscellaneous taxes.
including the transportation, the
combined yield of which is now
about $1,000. .0OO, 900. II the total
revenue from the tariff will amount
to not more than 100000 900 it will
mean increased revenue of only
about s75, 100000.
Attacks upon the Fordney bill
were begun yesterday by the Demo-
Gratis. Representative Garner. of
Texas. who will lead the Democratic
fight on the floor of the House, de-
Iclared that the rates in the bill are
much higher than in any previous
tariff bill. He declared that the
proviso m the wool schedule, which
specifies that in computing the duty
OF 25 cents per pound clean content.
the total shall amount to not more
than 35 per cent ad valorem. is a
Joker" inserted for the benefit of
the manufacturers.
Higher Than Payne Law.
The rates in this bill, when con-
siieI ed in the light Of American
valuation, are much higher than in
any tariff bill passed by Congress
since the civil war" said Repre-
sentative Garner. The Payne law
had an average rate on taxed arti-
cles of 40 per cent and on all impor-
tations, including free and taxed, of
is per cent This bill. whose rates
are based on American valuation
will be much higher than the fore
going. do not believe the Ameri-
can people contemplated any such
additional burdens when they COM
missioned the Republicans to ad-
minister their affairs at the last
election"