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Newspaper
Amarillo Globe
Location
Amarillo, Texas, United States of America
Date
Jun 16, 1930
Page
3
Berlin reports that S Parker Gilbert, Dawes plan agent general, urged radical budget reform to meet both internal and external obligations including Young plan payments. He warned of deficits from weak expenditure control, noting 1929 30 as most unsatisfactory.
Washington reports the second 1929 income tax payments flowing into the U S treasury with projected receipts of about 500 million dollars. Government operations include redeeming 450 million in maturing certificates and selling securities while paying roughly 90 million in interest. Through June 12 the fiscal year totals show 3.458 billion received and 3.699 billion spent, creating a 240.7 million deficit before anticipated surplus for Hoover’s first full year. Tax receipts for the year reach 1.919 billion despite the Wall Street crash and a one percent tax cut.
Treasury estimates anticipated a total income tax return near 2.48 billion dollars for the fiscal year, with final income around 4.0 billion dollars and a surplus of over 100 million. Total government expenditures rose to about 2.078 billion, postal deficiency at 86 million, and ordinary expenditures reached 8.186 billion by the sampling date.
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