UNITED STATES FINANCES

Nelson Evening Mail, Volume LXIV, 5 December 1929, Page 5

UNITED STATES FINANCES

REDUCED INCOME TAX RECOMMENDED BY PRESIDENT (United Press Association—By Electrio Telegraph—Copyright) WASHINGTON, 4th December. President Hoover • laid before Congress to-day a recommendation for 1 per cent, income tax reduction totalling 160 million dollars, and a request for 3.830,449,231' dollars for Governmental use next year. He submitted a bright picture of the state of the nation's finances and stated that reduction of taxation by the past President had undoubtedly increased revenue and given a stimulus to business partly responsible for the upward jump in receipts. A total of 380,392,526 dollars is asked for the navy, an increase of 163,999,000 dollars over 1928. Alterations in battleships, increased navy pay, and other improvements caused the increase. Dealing with the cruiser construction programme the President said: "For fifteen cruisers and ono aircraft carrier authorised in February, 1929, provision is made to carry forward work on two cruiser 3 already laid down, for three cruisers and an aircraft carrier to be laid down late in the fiscal year 1930, and for the remaining ten cruisers to be commenced late in the fiscal year."