Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1922-11-03
DEFICIT MAY CAUSE
NEW TAXATION
hARDlNG'S ECONOMY CLAIMS ARE
KNOCKED SKY HIGH.
INCOME TAX RETURNS LESS
After Elections, Republicans Must Get
Down TO ACKNOWLEDGEMENTS
Of Fiscal Year Of 1924 May
Reach a Billion.

Washington-An estimated deficit
OF approximately $1,000, oO0, zoe for the
fiscal year OF 1924, pyramided on the
S,o0,90Q,0OO deficit of the present tis-
cal period, threatens to engult the
Haraing ADMINISTRATORS economy pro
gramme.
The impending deficit vas indicated
BY preliminary estimates OF the Off
Gers OF the budget bureau,
The problem is engrossing govern.
ment financial advisers and is likely to
compel new tax raising measures by
the next congress,
Signs Of this financial crisis come
at the inopportune moment, when
spokesman for the administration are
laying claim to great economy
achievements Of the Harding regime,
Falling off in the revenue of the gov
eminent is the cause behind this situa-
ton. which may force the taxpayer to
dig down still deeper in his pocket
Income and profits taxes are said to
be running $780, zoe, 600 behind those Of
last year, while the pairing down pro
cesses have reached the limit.
President Harding has consented to
come to the aid of the larger army
advocates and is expected to support
the navy in a demand for an increase
OF 10000 in personnel, which would
mean increased drains on the treasury.
Treasury experts are not counting
too heavily upon the Fordney-McCum'
Der tariff bill add much to the gov
ernment's receipts, since its effects
may be so prohibitive of imports as
to result in an actual diminished reye-
nue. from the custom house.
Secretary of the Treasury Mellon,
upon whom the responsibility rests Of
making income and outgo balance, is
already preparing his annual report to
congress-. Frequent conferences have
been held among administration ad-
visers in search of means to cut down
the growing ~disparities between III
come and expenditures.
On July II, last, President Harding
addressing the second annual meet
ing of the business organization Of the
government in Washington, said that
the estimated receipts for the fiscal
year of 1924 would be $500, 600 600,
"less than the appropriations for the
current year plus authorizations for
expenditure not included in the appro-
priations."
Since then constant falling off in
income and profits taxes has become
increasingly apparent.
The internal revenue bureau is max
ing efforts to stem the tide by round
/ ing I'D tax dodgers, but the money OBJ
tanned in this way added to any in
, crease that may come through the op
. Grafton of the tariff will fall far from
making up the loss due to decreasing
, revenue from income and profits taxes
4, The question Of q new tax policy tc
I make up the revenue shortage viii
| probably he discussed by President
D.. Harding and his cabinet as soon as al
+ the cabinet estimates are prepared and
ready for examination by the execu
tive.
A revival Of the luxury taxes Is re
ported to be under consideration, 70
; gether with other changes in the rev
enue law.
=, At present the presidents chief fis
j cal advisers are not eager for the so
: called nuisance taxes or any increase
j in the income and business profits as
: easements.