Evening star., 1929-06-30
2l,0D,OD
IS u. S. SURPLUS.
Income Tax Returns $751;
00e, 166 More Than Last
Fiscal Year.
sy the Associated Press.

~ the Associated Fress.
The Government OF the United States
which started the 1923 fiscal year or
last July l with an indicated deficit
Of ga, 100000 In it's business operations,
closed the year last night with q sur
plus Of nearly $2eg, ,600, ,009, due to a
startling increase in income tax re-
ceipts.
INCOME tax payments for the fiscal
year up 10 the close Of business on
June n, the latest Treasury figures
available had totaled 81, ,327, ,760, ,722, or
S153,S05 ,166 more than was collected ir
the entire 1928 fiscal year, and a $751;
522,S SGT increase ever the same period OF
last year.
The exact figure on the Governments
financial transactions and the amount
Of the surplus for the fiscal year will
not be known until tonight. when tie
Treasury will issue the totals for the
12-month period, but the figures of
June ~ indicate that the prediction of
Secretary Mellon of q Government sur
plus of $50, ,00o, 600 or Sf70 600 600 will
be slightly exceeded The surplus. due
almost entirely to the income tax re-
ceiptS. was attributed by Treasury off,
cialG to the active trading during this
year on the stock market, which brought
large profits to the holders of stock and
more income to the Government.
Ceolidge Asked Cooperation.
At the business meeting of the Gov
ernment last July Calvin Coolidge as
President warned the department heads
that the estimates at that time on Gov
eminent receipts for the year Indicated
q deficit Of sS4 Geo coo, and asked tf1sir
cooperation in practicing the strfctest
economy.
Government expenditures were in
creased during this fiscal year at the
rate of about $4,000, 0eo month due
to expansion in activities and to salary
increases granted employees. The in
crease up to June n had totaled $780,
All, ,345, the total expenditures to that
date having amounted to So, 78t, ,437 ,834
while thnse for the similar period Of
the previous year aggregated $3,621,-
016, ,5Ss
At the close Of business on June 81,
the Government receipts had totaled
s40fs, GGs, T31 for the 1923 fiscal year,
leaving surplus of $23S.231 ,997. But
uus Of this surplus the Government
planned to pay the retroactive mail
rate increase granted the railroads by
the Interstate Commerce Commission
Tftch amounted to approximately $50
066, 200 which would leave S109, Zoo, 600
surplus with two days receipts to be
collected
An increase in customs taxes also
aided in establishing Q surplus for the
year. The total of these collections for
the present year to June n had aggre-
gated s5eT ,659 ,0a1, as compared with
ss6s, ,9G6, ,1sa for the entire 1929 year.
Miscellaneous Internal revenue taxes
however showed decrease as the total
collected on Thursday was S603, ,671 ,975.
as compared with Se21 ,9S6,1a3 for 1873.
Cevtziv,Av NJ SEyv,Eux
The increase in income taxes which
became evident with the payments of
the first quarters tax for 1913 last
March definitely established that the
Government would end the year with o
surplus. after the indications had
swung first one way and then another.
After Mr.. Coolidge's announcement Of
the indicated deficit last July, the next
Treasury estimate which he trans
mftted with his budget estimate to Con-
gress last December said that sur
plus of appECxtmatelY s@39, ,0pg. .eo0 for
the rFeSenb fiscal year was Indicated.
ThGn the retroactive mail rate increase
wiped cut the surplus and deficit of
$4,000, 900 was again estimated by
Treasury officials last February.
But when the income tax payments
exceeding those Of the previous year by
$4,000, coo, the Government was as
sured of ending the 1929 fiscal year
with comfortable balance.
The payments due June is of the
1878 income tax for the second quarter
also have shown an increase, the col
lecttons totaIine S552, ,3o5, ,40a according
to the latest figures, as compared with
S452 ,267, ,231 for the same number Of
days In last june. This $100 ,000, 600
increase exceeded Treasury estimates
made at the time Of the March pay
ments, for generally the second quarters
payments result in a drop of approxi-
rnately $50, 0,00o, 600 from those Of the
first quarter.
But with the satisfactory conclusion
Of the Government financial operations
for the 1929 year the prospects for
the 1880 Ascal year are not so bright.
The Treasury in 1899 must fnd funds
for carrying on the naval cruiser
construction program, $50, 1000 600 for
the farm board and other EXPANDED ac-
ttvfttes including food control Presi-
dent Hoover already has indicated to
the Budget Bureau that 1t is his wish
that the expenditures for the 1891 fiscal
year be kept within the bounds of the
appropriations for 1880, which on
March had eotaled So, 736, 745, ,469, and
did not include the farm board appro-
pftatton.