Imperial Valley press., 1943-01-11
1O8 Billions In
Wartime Budqet

and services than tat. largel" be-
cause many other individuals viii
not have the $500 to spend. The
President estimated that the aver
age income per family of the lower
third of population in 1912 was only
S1.335-and a family generally is
reckoned at four persons.
Even SO, Mr.. Roosevelt said that
most Americans would continue tc
be the best fed, clothed and housed
people in the world. And he said
that freedom from want for every
one everywhere no longer was a
Utopian dream but was an objec-
tive to be sought when the peace
comes.
INCOME SCARS
National income in the current
fiscal year is expected to reach Sl35.-
000.000.000 and to hit a dizzy Sl45.-
600 100000 in fiscal year 1914. II
was around 4O,0OOO0O000 in 1888.
Out of this mounting national in
come Mr. Roosevelt desires to take
oorrespondingly big bites in taxes
and forced savings He was not
specific in his tax recommended
tions. although Treasury officials
today were emphasizing some kind
of spending tax" part of which
world be refundable and, there
fore. partake Of the character of
forced savings Mr.. Roosevelt did
make these general tax recommen-
dations:
/ Put taxpayers on a pay-aS-
you-eo basis as far as feasible.
.. Simplify the tax system.
8 Make taxes on higher and very
large incomes fully effective by re-
coming the tax exemption from fu-
ture issues Of such securities as now
enjoy that exemption.
I. Obtain certain reforms in the
tax structure, notably to curtail
advantages enjoyed under deple-
ton of reserves provisions and by
persons in those few states where
married couples are enabled to file
Joint income tax returns
PROBLEM FOR CONGRESS
Some OF the foregoing tax pro-
grams were developed at a budget
press conference Saturday at which
the President discussed his mes
sage at length with newspaper re-
porters. 1t was contained in the
message only il general terms and
Mr. Roosevelt emphasized that the
methods of taxation were the prob
lens of Congress But he said he
still was against a general sales
tax. although indicating that he
might go along with substantial
expansion of the existing excise
tax structure An excise tax is
a form of sales tax on specified
commodities
The revenue acts of the past
three years" Mr. Roosevelt said,
particularly the revenue act of
1912. have contributed greatly to-
ward meeting our fiscal needs. In
the fiscal year 1914. total general
and special receipts under present
law are estimated at S35 100000 000
almost six times those OF the fis-
cal year 1910 But the increase in
expenditures has been even more
rapid.
HALF OF WAR COST
Il believe that we should strive
to collect not less than $4,000 000,-
600 OF additional funds by taxa
ton. saving. or Doth, during the
fiscal year 1914.
On the basis of present legiSla-
ton. we expect to meet "a per cent
of the total estimated federal eX-
penditures by current receipts dur
ing the fiscal year 1914. If the
objective proposed in this message
is adopted. we snail meet approxi-
mately so per cent of those expen-
ditures during the fiscal year 1914.
The compulsory nature of the
suggested savings revenue was de-
veloped in the Presidents budget
press conference But he empha-
sized that such revenue ultimately
would return to the individual after
the war
FIGURES QUOTED
The message to Congress was not
delivered in person, but was read
by clerks in House and Senate
The fiscal year covered by this
budget message will begin on July
/. next. and end on June 30, 1914.
Mr.. Roosevelt estimated net fiscal
year income on the basis of present
tax schedules at s33,08l. .245.000,
after deduction of more than 81
900 100000 for reserves required by
law He said the fiscal year deficit
would aggregate s7l.047679 923. He
said the national debt would be
O000,000.C00 when the fiscal
year ends l0 months hence. 1t is
approximately $4,000 100000 today.
INDIVIDUAL ITEMS
The overall budget figure of
s103 .903. .547925 is made up of:
$97 600 100000 in estimated war
spending through the Treasury.
s4.1c3923,923 Of non-war spend
inL.
$1,000, 100000 national debt inter-
est;
S4,774.123.OOO in war and non
war OUTLAWS of government corpor-
ations and agencies
This latter figure is not included
in budget bureau computations
striking a balance between Treas
ury revenue and expenditures to de-
.ermine the prospective deficit. 1t
IS computed in estimating increase
N national debt.
All revenue and deficit estimates
- nj m 1faf