Show SURPLUS MAY 1 I BRING CUT l 1 1 J SJ- SJ Il July 2 AP AP- AP president Hoover Ishop t treasury c r surplus surPlus at the end nd of ot the tIu t fl Jull juiL elos closed d may lead to tok k R reduction In federal dera taxes bu t te feels ls th that t th there r are arc man many i factors L to be determined be-determined det b before roro foro a d program can be formulated 7 J Before r oro ro tax reduction ca' ca can be cf- cf te li-d li th th president said toda today the T eUe t upon the treasury of tIo approved In tho the last twelve twelvemonths months mouths must b be determined the cx- cx tnt to which routine expenditures I- I cantie red reduced ced must be known and 1 Jiro r revenue must bo to c more inore II I el estimated I Byr November 1 the pre president t 0 said Bald these thele things should be known I i Ifo fe not M say however whether I he JIO thought it pOssible possible introduce to Introduce t t tax r revision legislation at the regular session of of- It congress next wirier winter The The- official transcript of at C sl dent fent comment on tax re- re 0 In reply t to questions ons' ons of t correspondents follows STUDY ST DY POSSIBILITY Ye ire are are giving careful rt study dio to tax reduction Vet Wo Ve O Ot t t all that the situation aU n may out on the side of ofa a safe e stir sur- pLu US tot tor material relief relict We Va must Wo-must must determine de three things before there nbC cl cin any conclusion upon the sub sub- First we must know what the et er cf- cf t tur ur bo be of ot the legislation dur- dur ring ng g the last lut twelve months which has greatly increased expenditures toi fori he present fiscal year yean b beyond yond the original The new enlarged program pro pro- gram ram lot for ri naval val armaments the tin in In- In y cr created as cJ expenditure 0 on 1 arm army and rind 1 navy flavy aviation a thc tho r rebuilding of or posts post and nd Increased expendItures expenditures expendi- expendi t tures on veterans' veterans services services services-In In Uon to the nece necessities In the MedIterranean Mediterranean Med Med- fly and farm tarm r relief work ht hl ve all Intervened since o tho the budget et St was passed by congress Second Sc ond we ve must know how far W Fall can r reduce uce expenditures bf ot the tho government In other directions to to partially compensate for these theM in- in cr s imposed d during the past t 12 rn m months BUDGET EXCEEDED We know that expenditures' expenditures for tor fiscal tho-fiscal year ear just passed exceed budget by over oer 1200 and much of of t th the legislation expanding expenditures has lisa not riot yet et come intO effect Th The completion budget for Cor the year beginning July 1 1030 will be helpful in de- de the rate of tb these se increased exp expenditures must know how ho tat fac the Jn s In J r I Is hs d due e to to the theS S te temporary ge activity |