Word: deficit
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Dates: during 1890-1899
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When the academic year 1893-94 opened, the Corporation found themselves in face of a deficit of $25,181.26 in the University, College and Library account, these three departments being really dependent on the College proper. Moreover there had been a deficit of $6,432.88 in the same account for the year 1891-92. The other departments gave no occasion for special anxiety; but it was obviously necessary to curtail expenses in the departments dependent on the College. Salaries could not be reduced either in number or amount; for all engagements with teachers annually appointed had been made...
Balance, showing deficit for the year...
...sugar tax is needed to carry on the government. - (a) The reduction of $75,000,000 revenue in the present tariff compensated by the income tax and duty on sugar. - (b) Probable deficit of $29,000,000: Carlisle's letter as above. - (c) Income tax not payable till July 1, 1895. - (d) Increased revenue from excise tax not enough: Carlisle quoted in Cong. Rec., XXVI...
...unadvisable to remove the sugar tax at the present time. - (a) Deficit must be met by heavier burdens in other directions: Boatner in Cong. Rec., XXI, 4515. - (1) Income tax would become firmly established. - (b) Other onerous taxes should be removed first: ibid. - (c) Sugar tax may render possible repeal of the income...
...income tax will be specially valuable as a permanent part of the tax system. - (a) It is a steady source of revenue. - (b) It is an elastic tax. - (1) Its rate can be varied year by year. - (2) This will prevent a surplus or deficit; - (3) and thus prevent wasteful extravagance or strained economy...