Ke Alakai o Hawaii, Volume IX, Number 21, 3 Kepakemapa 1936 — BUDGET BALANCING LOOMS AS POSSIBLE IN NEXT CONGRESS Senator Pat Harrison, Chairman Doughton Confute GOP [ARTICLE]

BUDGET BALANCING LOOMS AS POSSIBLE IN NEXT CONGRESS

Senator Pat Harrison, Chairman Doughton Confute GOP

Contrary to the constant cry of the Liberty League and other reactionary foes of the Rooseveifc admlnlstratiou that business "wili be crushed with new tax bnrdens," there is a strong prospect of tax reduction at the next session of Gongress, As he left' the White House after a conferenee with the President, Senator Pat Harrison chairman oi the Senate Flnance Coramittee, toid reporters: "We have foundbusi™ ness conditions to be improving so mueh and revenue rēceipts coaaing in so fast fchat we ea n reacli the point ol a baianced budget sooner than we expected." ; Congressman Robert L. Doughton, ehairman of the House Committee on Ways and Means, who attended the conference, declared "the improvement in business all over the country has had two effects— \ncreased revenues and decreased reiief costs. Receipts are going up and expenditures are coming down." In a report to the Presidēnt of stiudies by Treasury experts, Secretary Morgenthau said: t;Total receipts from sources other than the outlawed processing taxes in the fiscal year 1936 were substantially higher than our estimates of iast January. With continued recovexy we are approaching a revenue yield whieh will be entirely adequate to cover expenditnres of Gcvernment and to reduce the pubiic debt. Any changes in Uie Ux structure shouid, there!ore, no'/ be in the direction of increa.sed laxes But this very situation makes it possible and timely for us to eonsider revision of the iax laws with the purpose of removing any inequities or unnecessary administrative difficulties t h a t may be inherent in the law and abating or modifying taxes that create unfairness to consumers or to trade or have other disadvantages whieh outweigh their revenue yield." Federal revenuē receipts from Juiy 1, th e beginning of the present fiscal year, to August 11 were $482,837,352, compared with $439,604,331 for the same period last year. īneome taxes aniounted to $46,625,000 for the period, compared with $27,689,000 fo r the same days in 1935. Miscelianeous receipts grew from $298,000,000 to $365,760,000 and customs receipts from $40, 547,000 to $43,043.000 in the less than sixweek periods. Processing taxes, whieh amounted to $27,931,000 in that interval last year, were non-existent this year, The various lending agehcies of the government tumed back nearly $270,000,000 in repayments of advances to private individuals and organizations.