OCR Text |
Show HALF BDLLIOX DOLLARS OF INTERNAL REVENUE McAdoo Issues Statement Govern-ment Govern-ment will Have Huge Amount Fiscal Year Ending June SO I Half a billion dollars will be the government's Internal revenue tax toll for the fiscal year ending June CO. according to a statement issued by Secretary McAdoo. This sum, which McAdoo Bays exceeds by many millions all previous estimates, will bo made up substantially as follows: Taxes cn whisky, bier, cigars, vvn- l-A ui pa-f..o I-fj 77V-:1 Individuals In-dividuals and corporations $115,-000,000. $115,-000,000. Emergency fa?c collections $83,000,000. The volume of money pouring into in-to the treasury has steadily increased increas-ed month by month since last fall until It is now greater than at any time since the effects of the war be gan to be felt. Mr. McAdoo accounts for the situation situ-ation as follows: "Tho great boom In business is lirgely responsible for the increase in receipts from ordinary internal revenue. The prosperity of the country with the attendant wider scope of employment and Increase In wages has, In itself, resulted In a larger consumption of taxable articles, ar-ticles, greatly augmenting the government's gov-ernment's revenue." Consumption of whiskey, cigars, cigarettes and tobacco has increased, pecording to revenues received, while consumption of beer has decreased during the fiscal year, receipts of taxes on cigars, cigarettes and tobacco tobac-co increased $5,505,121 over the corresponding cor-responding period a year ago, due In large part, the statement says, to the great improvement in business conditions. The statement continues: "Notwithstanding the spread of prohibition, collection on distilled 6plrits for the fiscal year Increased $10,013,140 over the corresponding period of a year ago. This is due in great measure to the effective enforcement en-forcement of the internal revenue 'taxes on distilled spirits. It Is estimated esti-mated that through the campaign of Vie treasury department against un-dergauging, un-dergauging, equalizing and blockading blockad-ing in distilleries, the revenue of tho government has been increased by probably $5,000,000 annually. "The only article of taxation show-lng show-lng a decrease Is beer which is due principally to the Increase In the prohibition laws. "It is estimated that expenditures from the internal revenue appropriation appropri-ation for the current fiscal year will amount to $7,200,000; and even If the collections amount to only $495,-000,000 $495,-000,000 the cost of collections will be 1.45 per cent, the lowest In the history of the Internal revenue service. If the collections amount to $500,000,000, the cost of collection .will approximate 1.44 per cent." |