House Report 77-1040

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7(1m CONaRE#S| HOUSE OF REPRESENTATIVES NREPORT 1 s t Ses8ion 1040 T HE REVENUE BILL OF 1041 JULY 2 4 , 1941.-Committed t o t h e Committee o f t h e Whole House o n t h e state o f t h e Union and ordered t o b e printed M r . DOUGHTON, from t h e Committee on Ways a n d Means, submitted th e followi ng REPORT [ T accompany H . R . 54171 The Commi ttee o n Ways a n d Means, t o whom w a s referred t h e bill (1f. R . 5417) t o provide revenue a n d f o r other purposes, having con- sidered t h e same, report favorably thereon without amendment a n d recommend that the-bill d o pass. NEED FOR THE LEGISLATION T h e united effort o n t h e part o f t h e American people adequately t o defend this Nation h a s placed a tremendous financial burden upon t h e Government. Upon h i s appearance before your committee o n April 2 4 , 1941, t h e Secretary o f t h e Treasury stated that a s o f that date t h e appropria- Lions, authorizations, a n d recommendations f o r t h e national defense program totalled $39,000,000,000, including t h e lease-lend appropriations. According t o t h e estimate o f t h e Bureau o f t h e Budget a s o f June 1 , 1941, this figure h a d then risen t o $43,000,000,000. I t i s now s e t a t approximately $50,000,000,000. Thus, since April, t h e scope o f o u r defense program h a s been expanded b y $11,000,000,000. Upon that occasion, t h e Secretary further stated that actual e x - penditLures f o r a l l Federal purposes f o r t h e fiscal year 1942 were then expected t o b e $19,000,000,000. I t i s n o w anticipated that t h e e x - penditures f o r t h e fiscal yeai 1942 will exceed $22,000,000,000. T h e Budget message o f January 1941 estimated that t h e deficit f o r t h e fiscal year 1942 would b e $9,200,000,000. T h e Bureau o f t h e Budget, a s o f June 1 , 1941, s e t this figure a t $12,800,000,000. These figures d o n o t reflect a n y additional revenue from proposed t a x legislation.

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Transcript of House Report 77-1040

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