Show THE U U. U S S. S NEEDS FOUR BILLIONS JACH EACH YEAR McAdoo Warns Taxes Will AVill Be De Higher For Man Many Y Years Years More More Loans Are Requested to Pay on oil War AVar nr Debts Government financial needs for foe many years are almost certain to run above annually treasury exports estimate and most of the money will be raised by taxa tau tion Consequently students of government govi gov goy i finances think the taxes Imposed imposed Im im- posed last year and paid In Juno probably will not be lightened materially materially mate mate- by the advent of peace Sec Secretary McAdoo warned that taxes necessarily would be high for tor many years to pay payoff off war debts and that additional government loans would be required Roughly treasury officials and congressional congressional congressional con con- gressional leaders In charge of or revenue revenue revenue rev rev- legislation figure this way Expenses Double Ordinary government expenses which ran around a billion dollars a year before the war will now amount to at least annually annually an an- for many years and for two or or three years after the war may be double that figure If the of Liberty bonds already issued Is Issued issued is- is sued are increased In volume by later loans to the Interest interest Interest Inter Inter- est on this sum would amount to about a year In addition addition addition ad ad- It probably will be the goVernments goVernment's governments government's governments government's gov goV- policy to establish a sinkIng sinking sink sink- Ing fund to pay payoff off the bonds at maturity and this would require bout a no year These three Items would make an aggregate near To offset this there would be nearly a no half billion dollars coming in annually from the allies as interest on their loans which now amounted to seven billions billIons billions bill- bill Ions and are likely to run much higher high high- er and revenue from customs and miscellaneous sources which last year amounted to about From Internal Revenue ne 1 With allowances for wide wid variations variations variations varia varia- in these calculations there there would still remain about three and anda a half halt billion dollars to be raised from Internal revenue taxes Last year came from flom internal internal inter Inter- nal hal revenue including from income and excess profits tax taxes s. s This year these figures probably probably ably will be more than doubled Factors which make this system of estimates highly tentative officials point out are that the war is not yet et over so far as expense fo la is concerned and that war debts both bothof bothof bothof of the American government to the I public and of at the allied governments to the United States cannot be figured figured fig fig- I ur d until then The methods of at applying taxes after after af- af ter the war also are receiving atten atten- tion If the schedule of ot Income taxes now being framed In the new revenue bill works out well Vell It Is considered con con- probable that the bulk of ot af- af war the revenue will come from Income levies which next year will yield probably Excess Er- Er cess profits taxes probably would auto auto auto au au- to to be abandoned after the war and liquor revenue will stop if It the constitutional prohibition amendment amendment amendment amend amend- ment Is ratified and sooner with the tho passage of the war time prohibition prohibItion tion lion bill It is almost certain that the multitude of minor taxes now levied on transportation Insurance admissions admissions club dues and special taxes on certain businesses now yielding comparatively comparatively comparatively com com- little tittle revenue and very difficult of administration will be abandoned Tobacco and estate tax taxes probably will remain It U I is said Bald r I. |