Every evening, Wilmington daily commercial., 1922-04-26

individuals or anyone who will buy
them. The showing Of the March -
TAX fnstallrncnt means that }ZOO,Doos-
600 In these certificates must DO sold
between now and next January
Tho treasury. in estimating the in
come FOR this year, took into consider
alton tho business depression, but u
seems IL did not realize how far short
income had fallen. The previous year
tho revenues from theso taxes had
amounted to S3.22S. 1877 900. This Gum
wan practically cut In two In making
the estimates for 1922, but it seems the
income Of tho country has been cut
even more than that. In 1920, tho in
come and profits taxes amounted 20
t3,95e, ,936. .00o-nearly four billions. To
visualize how much tho national in
como has dropped since 1920, the boom
year. contrast this figure Of 1885,
$4,000 for 1920 taxes with 81 ,i.5o0,00o,-
900. the revised estimate for 1922.
Some OF the reduction can be nc
lcounted for by relaxations In rates.
but not much, as the principal relaza-
tons do not go into effect until next
year. The March 10, 1922 tax INSTALL
ment OF less than $500, 900 900 COM
pares with a payment Of yTZ8, 100000
on March I5, 1921. The March IS pay
ment in 1920 was over 81 ,000, 900 900.
Usually the March Is payment, be-
ing tho frst one Of the four tax IN
stailments, is the largest. Under tbs
J income tax law. a taxpayer may pay
! his entire tax for the year on March
is, or may pay one quarter Of his an
nuai tax on that date and the ren1ain-
ing three quarters on June IS, Sep
ternber 15, and December Is, respec-
= lively. This year. however, so many
taxpayers upon figuring their incomes
l discovered their total amount o, tar
liability was so low that they could
. afford to discharge the entire obliga-
ton on March 10. and have the JOB
. done with. There was an unusually
: large number OF such fun payments
= this year. Possibly az much as a
third Of the years income already has
. been paid in and the years revised
estimates will fall substantially be-
n low 81, 500, 900 900.
This showing had had the effect a
dulling the enthusiasm Of many mem
bers OF Congress for the plan TO pay
n a soldier bonus and has increased the
|" opposition Of the Treasury to the
- plan. It is declared that with the
:. treasury IN such poor condition it is
- not feasible to add a burden OF two
!, or three additional billions for the
soldiers. There are. of course. widely
-, different opinions on this point, many
* Congressmen and others declaring
10 that no matter how much the Nation
- has to borrow the soldier bonus should
N, be paid in recognition OF the con-
l. spicuous seryices Of the soldiers il
IA tho war.
n When the governments lncorns
an falls below expectations and tn,
an treasury must resort to borrowing
or still more taxes are being piled u
at against the people. Interest mus
be be paid on the loans made 70 make III
o. the deficit. Therefore, that lnteres
charge must be added 70 next year
Z expenditures Just the addit!ona
n short term borrowing OF 500, 900. 90
ey to make up the gap between thl
ed years expenses and income, will COS
llA interest amounting 70 $4,000, ,000-
D great fortune in itself In other word,
% because ta1es were s20o. ZOO. 900 shor
'iii this year, next year they must b
ey s2oS,ooo.0 900 more.