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Douglas Daily Dispatch
Douglas, Cochise County, Arizona
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Treasury discusses veterans' loans not impacting debt; reports income tax collections totaling $106M for the month and $1.277B for fiscal year starting July 1, below prior year, potentially worsening $500M deficit estimate by Mellon and Mills.
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he added, "that the two things are unrelated.
Every veteran's loan is a self contained credit operation which involves no net addition to the public debt and not a penny of increased taxation."
Income tax collections Tuesday amounted to $48,129,417, bringing the total for the month to $106,000,000 compared with $99,000,000 for the same period the previous year.
For the fiscal year beginning July 1 the payments have totalled $1,277,000,000 compared with $1,352,000,000 for the same period last year.
Officials have explained that the first few days income tax returns were not expected to portray what trend the total returns would take.
The belief in treasury circles that there was no encouraging news in receipts thus far led to the opinion that the total might not approach the $500,000,000 mark which had been expected.
If the total drops below this, experts believe the expected deficit June 30 will be much greater than the $500,000,000 estimated by Secretary Mellon and Under Secretary Mills.
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United States Treasury
Event Date
Fiscal Year Beginning July 1
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Treasury officials state veterans' loans are self-contained credits not adding to public debt or taxation. Income tax collections on Tuesday totaled $48,129,417, monthly total $106,000,000 vs. $99,000,000 last year. Fiscal year payments $1,277,000,000 vs. $1,352,000,000 last year. Early returns suggest total may not reach $500,000,000, increasing expected deficit beyond $500,000,000.