UNITED STATES FINANCE.

Waikato Times, Volume 106, Issue 17886, 5 December 1929, Page 5

UNITED STATES FINANCE.

A BRIGHT PICTURE. REDUCTION IN INCOME TAX. STIMULUS TO BUSINESS. United Press Assn.—Elec. Tel.—Copyright ; j (Received Dec. 5, 9.5 a-m.) WASHINGTON, Dec. 4- 7,7/ Mr Hoover laid before Congress torlUlf day a recommendation for a one per cent income lax reduction, totalling £32,000,000 and a request for £766,089,84 G for governmental use next year. He submitted a bright picture of the state of the nation’s iinance, and •stated ’that the reduction of taxation by - the past president had undoubtedly increased the revenue and given a stimulus to business, and was partly responsible for the upward jump in receipts. A total of £76,078,505 is asked for the navy, an increase of £32,799,800 over 1928. Alterations in battleships, increased navy pay, and other improvements caused the increase. | Dealing with the cruiser construction programme the President said: 1 “For the 15 cruisers and one aircraft carrier authorised in February, 1929, provision is made to carry forward the work on the two cruisers already laid ■"« down, for three cruisers and aircraft carrier to he laid down late in the fls- - cal year 1,930, and for the remaining j ten cruisers to be commenced late in 1 the fiscal year." «