The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-12-04
Expectation Of Treasury Is Ex-
pcnditures Will Go Over
Total Requested
PUBLIC DEBT IS SHRINKING
All but Ten Billions Reduction
Since Peak Of rs Bill
lions in 1919

finances.
Drawing a Lesson from the lowering
Of taxes in the past. the president
said that there was no doubt that In.
creased revenues had always followed
md tirat the stimulus given to busi-
ness was partly responsible for these
upward Jump in receipts.
In his first budget message. he esti-
mated the treasury's outlay for the
Il mcnthcs beginning rcxt July at
:4.lO2 038. zoo and figured there would
be a sl22. O0c 600 surplus ct the end
OF that period.
The difference between appropri-
atioEs asked and expenditures fore.
caa. was explained as being due to
the fact that the president had not
included any erlount fer the rcvolv.
Ing fund Of the federal farm beard
because 1t had not been determined
how much ',ould be necessary. In
the estimate OF outgo. however. the
amount was placed at 5000. OCO 600.
A further difference Of $4,000, 900
was die to = ccrryO;er Of apprOpri-
atoms from the present year which
will Be available next yea. AS sub
m:ttcd. the request was for $l45, 606, 900
less than for this year.
Calls fOS some Increases
The tax reduction suggestion fol-
lowed the previously announced pro.
rram CT the administration which
desires a decrease Of from IL to II
per cent. III corporation income
ley.cs and reductions Of one per cent
on normal individual incomes. maxi
ing those rates range from y per
cent to I per cent.
In addition to the appropriations
asked. s730.x70.577 will be needed for
the Postofsice department, but, mas
much rs this government activity
pas the larger amount Of It's cost out
Of It's " revenues, the treasury Will
be concerned only with the deficit.
The president called for increased
sums for a number Of government
efforts and organizations, including
the army. the navy, rivc.s and har-
bors. flood control, Indian care and
forest protection. Congress wa in
formed that the treasury would ex-
pend s50.5o0,0o0 in the present year
in carrying On the huge government
building program ard that It planned
to allot an additional $50. 100000 for
nest year. In addition he will SUBJ
nit Letter a request for IS, 000, 0o0 more
for this purpose.
Larger Item for Navy
A total Of $500. 3e92, 5c6 was asked
for the navy, which IS SIS, 500 900
moro than last year.
Alterations on bAttlcships, safety
and salvage operations for subma-
rincs. increased navy pay, improve.
mcnts to air stations. ammunition
storage facilities. avisticn, the con-
struction OF the two new dirig.bles
md other items were listed as con-
tr:buting to the increase. As to the
cruiser construction program. the
president said:
For the is cruisers and n air.
craft carrier authorized by the act
of February Is, 1929. provision Is
mace to carry forward work on two
cruisers already laid down, for three
cruisers and the aircraft carrier to
be laid down late In the fiscal year
1880, and for the remaining 10 cruis-
crs to be commenced late In the fiscal
year" u.
The war departments total esti-
mate wss 4466y626.332. including the
funds needed for the Panama canal.
This is %. 900 more than was re-
quircd last year. Provision was made
for carrying out the five.ycer build
ing program OF both the army and
the navy aviation branches, the army
hcing allotted 90. 766.025 for this pur-
pose and the navy 432,23O.O00. No eS-
innate was submitted for Boulder
dam construction. the details not
having been ready in time for tnclu-
sion.
In his discussion of taxes Mr.. Hoo
vel said the government would have .
surplus Of 3225, 5Sl ,534 at the end Of
the present 1880 fiscal year.
Abnormal Incomes Increase Taxes
'For the current fiscal year 1870
there Is a marked Improvement over
the financial situation As estimated
In the budget for le90, transmitted to
congress In December, 1873" he said.
Compared with the estimate Of one
year ego receipts show IN increase Of
about 500, 900 900 and the expendi-
lures about $243. 100000. On the re-
.ce;pt side the increase IN the est.
mate is reflected generally In the In
come tax, 1905, 100000. due to m alb
normal increase in the incomes re-
ported by individuals for 1913 and to
this exceedingly prosperous business
year.
with an estimated surplus Of over
4225 .0Oo,Cc0 this year and 4l22,000.0oO
nett year It Is felt that souae measure
of reduction In taxes Is justified. ]
an in favor Of q reduction In income
taxes to be effective on returns for
the calendar year lo1o which viii be
due March IS. 1874. Payments Nm.
der these returns viii BE- made dur.
Ing the last half Of the current
fiscal year 1880 end the first half Of
the coming fiscal year 1871. % that
the reduction will b reflected n the
two years for which We nov anttci-
pate q surplus.
ADVISES Income Tar Cut
: u. therefore. recommend that taxes
upon incomes for the calendar year
1e1o be reduced in the approximate
sum Of 1io0y000,O0O. would suggest
to congress that this be effected, -
recommended BY the SECRETARY Of the
treasury. BY reducing BY ! per cent
the rate q the normal tax On the n.
comes o. individuals and corpora
applicable 70 lo2o incomes and
payable In the calendar year lo90. Il