Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-12-11
BUDGET MESSAGE
BY COOLIDGE URGES
BIG EXPENSE CUT

WASHINGTON, Dec. 10-President
Coolidge specifically recommended to
congress today a reduction of more
than S30O000,000 in the national tax
bill, and at the same time presented
views in opposition to a soldiers
bonus.
The executive, in a MESA ge trans
hitting the annual budget, said
frankly that ANY program of new
expenditure on large scale would
make tax reduction impossible for
years to come" He added that tax
reduction would certainly tend to
align the whole people in support of
economical administration of govern
ment," which he declared is becom-
ing every day more and more nee
essary."
81 recommend revision of tax
laws" Mr. Coolidge said, "along lines
which will effect reduction of in
come taxes by taxing earned income
more lightly than income from bust
ing the percentages of the normal
tax, and by reducing the surtax
rates, with commencement of their
application at $4,000 instead of &c.
600. l also recommend repeal of the
tax on kilograms telephones and
leased wires, and of the tax on ad-
missions, and revision of the miscel.
laneouS taxes which are a source of
Inconvenience to taxpayers, and diff
ficult to collect. On the other hand
amendments which would cause
some increase Of revenue should also
be made to- existing income tax laws
relative to deductions of capital
losses; deductions from gross income
for interest paid and non-business
losses sustained, wherein income
from taX-eXempt securities is in.
VolVed, and the manner of taxing
community incomes. These changes
would reduce taxes by more than
$300,000,000, which is safely within
the probable surplus.
Praises Patriotism
The executive declared the Ameri-
can people have given d truly mag
nificent demonstration of patience,
and patriotism" during the years in
which they have borne the great
burden of war expenses.
IN less than seven years, to put
the matter very briefly" he said,
1--WE have spent forty billions of dol
lars and we have paid off from cur
rent revenues eight billion dollars,
or nearly half of the amount. Ger
tainly the nation which has thus pa.
w in
nous burden of governmental costs
is entitled at the earliest possible
moment 20 the largest measure of re-
lief from these burdens that can
possibly be accorded. [ am convinc-
ed that the time has now come to
extend this relief through a sub
stantial reduction of taxation"
Calling attention that in the next
five years $7,400, 100000 of treasury
notes and Liberty Bonds will mature,
the president said the ordinary sink.
ing fund will take care of only ST.
coo, 100000 of this amount, leaving
between five billions and six billions
to be refunded.
While the debt agreement with
Great Britain involves a payment of
approximately $160,000,0 900, principal
and interest each year. the president
said this was not likely to affect the
early maturing debt as Great Brit
ain is permitted to pay in bonds Of
the United States land the bonds it
will tender probably win be those Of
longer term, which are now lower
in price. ~
eff future adjustments ARE made
with other foreign governments"
he added. "the United States debt
may be affected, but for some years
to come the principal reliance on
debt reduction must be the sinking
fund and the specific receipts re-
ferred to above"