Evening star., 1934-01-04

penditures to date and the year end
estimates:
First Half. 1884
Gen. exp. 81 100000 900 s3,533,69l 900
r. r. Co.. 6OO.000,O0O 1859, 100000
G. W. A. 75'OO0OOO 600 goo 10000 4o9 GOO o0O o0O
TT energy 1,l25,O00O0O 6,357,486OOO
Receipts -. 1,500.000000 3.259 900
These figures also indicated new Fed
eral borrowing in excess Of $4,000, ,0OO,-
900 to provide the needed money.
An expression Of the administrators
confidence in economic improvement
was contained In estimates that income
taxes, forecast to return 1854 900
this year, will jump to sl,265, ,0oO,0 In
1885.
Large Repayment Forecast
In discussing the future. the Treas
ury also noted:
"Of the emergency expenditures made
up to and including the fiscal year 1885,
it Is roughly estimated that s2,500,-
100000 represents loans that will be
repaid to the Government during the
which repavments will be available for
reduction Of the public debt.
1.-THE estimates OF expenditures OF
the r. F. C. are contingent on the en-
actnent Of legislation extending the
corporations authority to incur obliga-
tions to June 80, 1884. If the au-
thorlty is not extended the estimated
expenditures for 1884 will be reduced
by 1908 .O00. 900 and the net repayments
for 1885 (s480,436 000) will be reduced
by s74 900 000"
In estimating Government revenue for
the current year at s3,259 100000 and
for 1885 at S3,974, 100000, the Treasury
said
"The uncertainties affecting the es-
Inmates of revenues are particularly
important under present unusual eco
nomic conditions.
Receipts Estimated.
Estimated receipts from internal
revenue and customs for 1884 include
the following amounts not covered In
estimates presented to Congress last
December:
$3.50, 100000 for taxes levied by the
act of March. %, 1888 (chiehy the tax
on beer; s4O3,oOo,OOO for processing
and floor stock taxes levied by the
Secretary of Agriculture .: about
sl53.70o,O0O for taxes levied by the
national industrial recovery act, ex-
elusive of certain changes in the IN
come tax; and S174, 100000 for addi-
tional receipts from existing internal
revenue taxes and customs duties on
distilled spirits and fermented LIQUORS
as q result of the repeal Of the eight
eenth amendment to the constltu-
ton. -
"The Governments activities and
its finances are affected to an impor-
tant degree by legislation enacted with
a view to providing means for dealing
with problems Of the depression.
"The Government recovery program,
which is based upon this legislation, in
wolves the use of the public credit IN
three ways Provision for variety OF
emergency activities has been made
both by direct appropriation of Treas
ury funds and by authorization OF ad.
vances by the R. F. c., the financing OF
which involves the Governments creolt.
In addition, the Home Owners Loan
CORPORATION and the Federal land banks
are authorized to issue obligations in re-
spect of which the Government assumes
a contingent liability to the extent OF
guaranteeing interest payments, and the
Tennessee Valley Authority Is author
lied to issue bonds on the credit OF the
, United States"
No Comment on Banking.
The Treasury report, while containing
estimates for the future, was devoted
more specifically. to the fiscal year OF
1888, which ended last June. 1t re-
viewed factually the March banking
mendations.
It mentioned also the currency infia-
ton powers given President Roosevelt
and his orders against gold payments
and boarding.
Charts showed that, in the fiscal
year Of 1888 income taxes provided only
Sc per cent of the Governments rev.
enue, compared with 60 per cent IN
1930-the highest postwar percentage.
Indicated corporation collections in
the full calendar year 1888 show de-
cline Of II per cent, compared with COL
lections in 1882" the Treasury said.
IAN even greater decline in taxable
! incomes was partially Offset by the in
creased taxes effective on 1882 incomes,
due chiefly to the increase in the tax
rate from IL to 13A per cent, with an
! additional tax of three-quarters OF l
| per cent on net income reported on con-
solidated returns, and the elimination
of specific credit for corporations with
| small incomes.
Collections Show Increase.
Indicated current collections Of IN
dividual taxes over the full calendar
year 1888 show an increase Of 80 per
cent over the preceding year, the de-
cline In taxable incomes being more
than offset by the increased taxes un-
der the revenue act of 1882.
Receipts from miscellaneous internal
revenue taxes were $858, 200, 900 in the
fiscal year 1888, compared with $685.
! 100000 In 1882, an increase Of 1884,.
100000. In 1888 about 95 per cent Of
miscellaneous internal revenue came
from six sources-tobacco taxes, manu-
| facturers' excise taxes, documentary
stamp taxes, the tax on checks, the taz
on fermented liquors and the estate
tax. "ss
"Custous receipts declined from 1927.