Page 16

April 15 Tax Bite Same As ( . S, Belling SJOfl Million A Day Every Day Of The Year

1:: the midst of one of the greatest drives against the level of Govern me: t spending the not: n has ever i xponenced. the America:) people ■.n now in the la.-s-minuie throes i f figuring out and settlin':. up their biggest income tax tab on record. When the final U. S. Tie usury ac count in. takes place after the April 15 payment deadline, the Govern ment anticipates that its personal income tax collection,- fot the 1957 fiscal year, exclusive of other re ceipt.-. will-add up to a record $38 1-2 billions This is the equiva lent of more than Sion millions a flay for every day of the year, and to about $770 for every household in the land ! some $3 it* I i. the Federal income tux bill collected si the 1958 fiscal year, and exactly double the comparable total in 1945. the peak u:< year during World War II.

Narrow Balance in Budget Other sources of receipt?; are ex pected to swell Federal coffers by an even larger amount The total here adds up to $45 billions in the cun ent fiscal year and is estimated at $47 billi.ns for the 1958 fiscal peiied These receipts are predomi nantly corporation income taxes. i seise 1 e v i e s. and employment taxes 'Social Security, etc . and in ' (s' last analysi they 1 mi from the people and from the pro duction, of the economy. After ad iustments for transfers to t r u s t funds and for refunds the Govern ment figures on net budget receipts nr $70 6 billion;; in the current fiscal year and $7.'!.t> billions in the 1458 fiscal period. If present expectations regarding receipts and expenditures are; rea lized, the Administration on June

.20, 1958 will have rung up three balanced budgets n a row. n i seen in Federal financial accounts since the Twenties. The margin of balance is verv small, however Receipts exceeded expenditures by little more -than Si 1-2 billions in 19.",6. and no im portant increase over this is antici pated this year or next. The narrow ness of these margins is accentu ated by the fact that the nation has been enjoying record prosperity, the public has been bearing a record tax burden with only one modest break in recent years, and the pub lic debt still add. up to well over S270 billion; , or not far from its all time high \'i>n-Defeitsp Spending I'p With international conditions what they are. national security expendi ture.- hive inevitably become the major part of the Federal budget. However, our record peacetime bud gets of this year and next are due

only in part to the high cost of de fense. As a matter of fact, the new 1; y hs in spending are being set on the civilian side of the budget in • ucli areas as agriculture, labor and welfare, slate aid programs, and in terest on 'the public debt. In all the Administration has pro jected a record total of $28 1-2 billions lower than it was when the in the coming fiscal year By con trast. when it took office a little over four years ago and began to slice the Truman Administration's spending figures, it cut the civilian side of the budget to under $21 bil lions for the 1954 fiscal year. The rise since than has been some $7 1-2 billions, or more than a third. As for defense spending, it. loo. is slated to rise some $2 billions to above $42 billions in the coming fis cal year. However, it is still several bililons lower than it was when the Administration took over the reins of Government in 1952.

News Report From Washington

Washington. April 1 A recent poll shows that most Americans expect tie Democrats to win the presiden tial election in i960 This is a little surprising in view of the fact that the Republics only recently swept i-o a landslide presidential triumph in the 1956 election. But most voters evidently feel that Democratic strength in the House and Sentate. demonstrated at the polls Iasi November, constitutes an ominous sign for the Republi cans The Democrats control both In uses of Congress at present, and won control despite the advantage the G.O.P. enjoyed in having a popular man like President Eisen

bower on the same ticket with con gressional candidates. Obviously, the leading G.OP can didate for the latio G.OP. nomi nation is Vice President Richard Nixon. If he is not headed off at the pass by Senate Minority Leader William Knowland. or some other ambitious political figure, he is al most certain to be the Republican party nominee. Democrats to Win? The Democratic picture i; n / interesting, especially in view of the general opinion that a Democrat i likely to win a trip to the White House in the next presidential race A great glamor build-up is under

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i way for young Joins Kennedy, wno ; must admit to the handicaps of be ing a Roman Cathode and appnr I entlv pro-McCarthy Thu:o is Senator Estes Kof.uivt i again. And there are many othet-. i Senator Stuait Symington, maybe. I several out stand: 11;- gowuim.- o! ; states, etc Whoever the Democratic j candidate, he is tlio ta'. "rite !•■ ) j the next President. Theivf,.; r :< great battle is alreath. uml- i 1 a\ - three years ah. i ol fuse >e( things lined up. i If the Republicans net flu* emit: j through another three and a half • years without suffering a depres sion. or a serious recession, and if the country stays out of war. time I in our opinion, the G.O.P nominee j will have a good chance of winning a presidential election. It may bt ' an even race. That will depend up..., I the Democratic nominee t . ■ — t K. ' Kiiatiiuis The me, ;mg of tie Brit: li Prime Minister, Sir Harold MacMillan, and the Pi i idem of -! lie United States. Dwight I). Eisenhower ; which terminated March c4. was oi | vital intern:: to the peoples "1 the j world, especially the citi-ei,-; of the ! British Commonwealth and the Unit led States, Despite the fact that many Auu-ri leans dislike the British, many do not. And the fact remains that mu ! one reliable, powerful ally of the | moment is Great Britain. The Bnt i ash no longer prov ide a world cli 1 mate in which the United States i can grow strong while remaining free, but they are a valuable defense potential, and there is no laie.uiage barrier between the armies, navies and air forces of the two. There are indications that n< tlier Eisenhower nor MacMillan cliann.-d each other’s mind too much on cer tain key issues involved in foreign relations. The British have been disappointed many tunes by Ess. r i bower’s unwilUngnes: to min then position

But. at last, the preach that was caused when Britain a'nd France acted against the wishes of the U.S., and invaded Egypt, was removed to, ■ i u- ext. when Sir Anthony Eden res'vned. And MacMuian con con* ..a*i 'uoth Secretary of State J-m. “"i Unite- anil :!i-> Pr dent withoui the uei ;onal handicap of tiiat split on Ins tu:nd. and acting a: -i t)C.i I ler lu c .PUiEP1 Ceu|i«-t a\ti«JU and mutual confidence Spokesmen say agreement war-: r< ) 1 t on a number of points dur ing the lalks there. It is to be hoped that the alliance between ihis ! country an ! Britain is strengthened e reatiy in Pi. future. The British stand for freedom in this world. £■< nr-rally speaking, and represent the nearest approach to our own | id *- of government of any of the j major powers in the world today. Knowiamt on Taxes Minority Leader William Know land says taxes must be reduced next vs ar. The Republican leader in the U.S. Senate believes that this is the last year that Congress will vote an extension of the various wartime taxes that are still in force yeai :1 t ■ t! iva i< ■ bred them are over. We w rider why Congress should extend these excessive taxes even one more year. If Congress would chop tluee billion dollars off the President's budget, and it could knock at least a billion off foreign aid requests, probably a billion and a half, then wartime taxes could be lowered or removed immediately. Even if Congress spends only the same amount of money as it spent last year, taxes could be cut--for revenues are expected to be up in the coming fiscal year. Knowland us .sincere in - his “wait 'til next year" sentiment but that reminds us of many “next year" statements we used to hear about foreign aid

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