AMERICA'S DEFICIT
HOOVEB'S ESTIMATE
INCREASE OF TAXATION
WASHINGTON, 9th December. President Hoover's annual Budget mossago to Congress places the United States 1932 deficit at 2,123,000,000 dollars. Mr. Hoover announced that expenditures for the fiscal year ending 30th June, 1932, were expected to show an increase over tho original estimate by 437,000,000 dollars, "fieceipts would probably fall short of the estimates by 2,230,000,000 dollars, due principally to reductions in income-tax payments of 1,140,000,000 dollars; Customs receipts, 202,000,000 dollars; miscellaneous internal revenue receipts, 132,000,000 dollars, and postponed payments of principal and interest on foreign debts, 217,000,000 dollars. Pointing out that the 1931 deficit was 902 000,000 dollars, and the estimated 1933 deficit would bo 1,417,000,000 dollars, Mr. Hoover asserted: "Wo cannot maintain public confidence or the stability of tho Federal Government without tax increases." He said Congress would soon bo requested to provide increases upon tho general plan of taxation as existed under the Eevenuc .Act of 1924 for a period to end two years from next July.
AMERICA'S DEFICIT
Evening Post, Volume CXII, Issue 140, 10 December 1931, Page 9
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