AMERICA’S FINANCES

Evening Star, Issue 20972, 10 December 1931, Page 11

AMERICA’S FINANCES

PRESIDENT’S BUDGET MESSAGE INCREASE IN TAXATION Pm* Association—By Telegraph—Copyright. WASHINGTON, December 9. President Hoover’s annual Budget message, which places the United States 1932 deficit at 2,123,000,000d01, announced that the expenditures for tho fiscal year ending June 30, 1932, were expected to increase over the original estimate by 437,000,000d01. The receipts would probably fall short of the estimates by 2,239,000,000d01, duo principally to reductions in income tax payments of 1,140,000,000d0l iu Customs receipts of 202,000,000, in miscellaneous internal revenue receipts of 1 132,000,000, and in postponed payments of principal and interest on foreign debts of 247,000,000. Pointing out that the 1931 deficit was 902,000,000d01, and tho estimated 1933 deficit 1,417,000,000, President Hoover asserted; “Wo cannot maintain public confidence nor tho stability of the Federal Government without tax increases.” He said that Congress would soon be requested to provide increases upon tho general plan of taxation as it existed under the Revenue Act of 1924 for a period to end two years from next July.