The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1937-01-08

Exclusive of expenditures from
postal revenues), amounted TO 49,
879,798,258, as compared with the
estimate of $7,645,30 1888 shown
In the budget submitted year
ago. This latter amount did not,
however, include $1,673, 493,G GOO for
adjusted compensation payments
to veterans. The expenditures for
the year, excluding these pay
ments, we're, therefore about
S439, 100000 less than the esti-
mate.
The total expenditures for re-
cOvery and relief were S2,776,796,-
469 against an estimate Of $780,
O68,187. For the operation and
maintenance Of the regular de-
partments and establishments Of
the government the expenditures
amounted TO S3,276,S72,306 a.
compared with estimates Of 49,
482,208,151. For statutory debt
retirement there was expended
403,240,150, and for interest on
the public debt ,396,802, the
amounts budgeted for these items
being $552,025, 900 and $742,000,000
respectively.
DEFICIT, PUBLIC DEBT
The gross deficit for the fiscal
year 1886 amounted to $4,763,841,-
642. Excluding $403,240150 for
statutory debt retirement, there
was net deficit of $4,360, 601 ,492.
The estimated net deficit as con-
tained in the budget submitted
year ago was $2,682, 482,392, diff
ference of $1,67S,119,10O.
As previously indicated, the
original estimate has been affect
ed to the extent of $457, 100000 as
result Of the invalidati0n of
taxes levied under the Agricultur-
al Adjustment and BituminOus
Coal Acts and by the additional
expenditures of $1,673, $4,000 I'M
der the Adjusted Compensation
Act. II it had not been for the
increase in the deficit due to
these causes, the net deficit for
the fiscal year 1886 would have
been about S452,0OO, 900 less than
that originally estimated.
The increase In the gross public
debt during the year amounted TO
$5,077 $50, 1853, but this sum in
cIuded an increase of the balance
In the general fund Of the treas
ury Of $40, 164.664. The gross
public debt on June 30, 1886, wa.
33,778,543,494.
FISCAL YEAR 1887
Rcccipts.-The income of the
federal government during the
fiscal year 1887 will increase
sharply over that Of 1896. 1t Is
expected that the total revenue
from all sources Exclusive Of
postal rcvenues) will amount TO
$5,828, ISL 900. This represents an
Increase Of $1,712.194,000 over the
actual receipts for the. fiscal year
1886 and an increase of Sl73,933,-
900 over the estimates contained
In the 1887 budget as submitted a
year ago.
The general improvement In
business conditions and the en-
actment Of the Revenue Act Of
1886 have resulted In additional
revenues from taxes which will
not only make up the loss in rev.
enue due to the supreme court
decisions invalidating the taxes
levied under the Agricultural Adj
justment and BituminOus Coal
Acts, but will produce additional
income Of approximately Sta
100000.
Since the Revenue Act Of 1886
materially changes the tax struc-
ture, the individual items Of rev.
enue as contained In the original
1897 budget will not be exactly
comparable with the individual
items In the 1887 budget as re-
vised In this message.
INCOME TAKES
Income taxes are expected to
yield $2,372, 900. 900, or $946.325, 900
more than was received from this
source last year; miscellaneous
internal revenue, $2,274,968, 900, an
increase of $265,389, 900; customs
duties $448.S0O,0OO, an increase Of
$59,988, 900; and realization upon
assets. $31, $4,000, an increase of
$26,362,OO0. In addition, 1t Is cx-
pected that the new tax on un-
| just enrichment provided by the
Revenue Act Of 1886 will amount
10 $82,0O0,O00 and that the tax ON
carriers and their employees will
be $i34,552,O00, including $4,000
900 deferred from the previous
fiscal year. The collection Of
, taxes levied under the Social De-
curity Act will begin the last half
Of the fiscal year 1851, and II Is
expected that these taxes win