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Show 1100 SUBMITS FIGURES TO THE PARTYJXADERS Much Less New Revenue Necessary to Be Raised for Preparedness Than Had Been Supposed. AMOUNT PLACED AT ! ABOUT $150,000,000 Increases in Treasury Receipts Re-ceipts Attributed Partly to General Prosperity and Enforcement of Law. WASHINGTON, May 18. Secretary Mc Adoo today submit led to Chairmarj Kitchin of the house ways and means committee and Chairman Simmons of the senate finance committee revised estimates of the government ?3 receipts and expenditures for the remainder of the current fiscal year . and the fiscal year ending June 30, 1917, tending to show that much less now revenue t ill have to he raised to meet the bill for preparedness and other large contemplated contem-plated expenditures than had been supposed. sup-posed. Only about $1jO,000,GQO iu additional revenue will have to be provided during the coming year, Mr. McAdoo said. This is less by $75,000,000 than the most conservative memoers of congress calculated cal-culated would be needed. A 11 of tho additional revenue will come from taxes on ineotnes, inheritances and munitions, in accordance with a plau approved last week by President Wilson It is -probable that all of the revenue measures now before congress, including includ-ing provision for preparedness revenues, a tariff commission and the encouragement encourage-ment of the dyestuffs industry, will be included in an omnibus bill. The president presi-dent is understood to favor that plan. Mr. Kitchin told the Democrats of the ways' and means committee at a meeting, today that nothing would prevent pre-vent his putting the legislative programme pro-gramme through. the house so as to be ready to adjourn on August L The senate, however, may d-?lay adjournment adjourn-ment by prolonged debate on some of the big measures. McAdoo's Figures. Secretary McAdoo 's figures showed that the balance in the general fund, exclusive of disbursing pfiicers' credits, probably would be $150,000,000 at the end of the present fiscal year and $13, 500,000 at the end of the fiscal year of 1917. This estimate included expenditures ex-penditures likely to be made for the proposed increase in the standing army on the basis of the measure passed last night by the senate, and expenditures which probably will be made next year on the naval programme now before congress. In addition to preparedness measures, the revised estimate presented by Mr. McAdoo included liberal provisions for good roads, rural credits and expendi- tures to prevent and cope with floods. 1 In making up the estimates the additional addi-tional cost to the country of preparedness prepared-ness during the year 1917 was placed at from $90,000,000 to $100,000,000, a figure fig-ure probablj' considerably less than appropriations ap-propriations to be authorized by congress, con-gress, but approximating the sum which actually would be spent during the year under the authorization. Balance of $13,500,000. An estimate compiled by Mr. McAdoo when congress convened last December showed a deficit of $62,000,000 in the general fund June 30, 191 7,' instead of toe $13,500,000 balance in the present estimate. The previous estimate contemplated con-templated the extension of the emer-gencv emer-gencv rev enue tax to the end of the fiscal year of 1917. The emergency measure expires by limitation Lecemher 31 next, r. nd in compiling the revised estimates Mr. McAdoo figured on eliminating elimi-nating the stamp tax features of the mensnre from Julv 1 next. The $ii2,i)00,onri deficit which seemed likely when congress convened was estimated esti-mated on a hasis that did not include provisions for good roads, rural credits or flood expenditures, all of which are included in the revised estimate. It was then figured that congress would have to raise $112,000,1)00 by additional legislation legis-lation to bring the general fund balance up to the necessary $50,000,000 at the I end of the next fiscal year. At today's eonferetn-e Mr. McAdoo told Messrs. Simmons and Kitchin and Representatives Representa-tives Hull and Kainey, who accompanied them, that, should congress provide .? 1 nn.OOn.OnO additional revenue during 1917, the general fund balance at the (Continued on Page Two.) M'ADOD SUBMITS HIS FIGURES TO LEADERS , . j (Continued from Page One.) end of the fiscal vear of 1917 would be approximately $1(53,500,000. Increases in treasury receipts haye been most marked in the internal revenue reve-nue department. Ordinary revenues, placed at $272,000,000 for the fiscal year lfilfi in the estimates of last December, will approximate $303,000,000, an increase in-crease of $31,000,000. Next year's ordinary or-dinary revenue receipts were placed in the previous estimates at about $265.-000.000; $265.-000.000; in the revised estimate at about the same figure as this year's. These revenues cover mainly the tax on distilled dis-tilled liquors, cigars, "cigarettes and tobacco. to-bacco. Revenue from the income tax will go above $100,000,000 this year, Secretary McAdoo estimates, and certainly cer-tainly above $105,000,000 next year. The previous estimate uau pi.n-eu tuis icvc-nue icvc-nue at $5,000,000 and $90,000,000, respectively. re-spectively. The increase of nearly $50,-OO'OOO $50,-OO'OOO In these two items of revenue alone this year is attributed to general prosperity, to strict enforcement of the internal revenue laws and the elimination elimina-tion of long-standing frauds in the payment pay-ment of taxes on tobacco, whisky and oleomargarine bv which the government lost tens of millions of dollars. |
