3 Legislative History of the Revenue Act of 1941 : P.L. 77-250 : September 20, 1941. 1 (1941)

handle is hein.leghis/revaxi0003 and id is 1 raw text is: 77TH CONGRESSt HOUSE OF REPRESENTATIVES             I   REPORT
lst Session                                         No. 1040
THE REVENUE BILL OF 1941
JULY 24, 1941.-Committed to the Committee of the Whole House on the state
of the Union and ordered to be printed
Mr. DOrGHTOX, from the Committee on Ways and Means, submitted
the following
REPORT
[To accompany H. R. 5417]
The Committee on Ways and Means, to whom was referred the bill
(H. R. 5417) to provide revenue and for other purposes, having con-
sidered the same, report favorably thereon without amendment and
recommend that the bill do pass.
NEED FOR THE LEGISLATION
The united effort on the part of the American people adequately to
defend this Nation has placed a tremendous financial burden upon the
Government.
Upon his appearance before your committee on April 24, 1941, the
Secretary of the Treasury stated that as of that date the appropria-
tions, authorizations, and recommendations for the national defense
program totalled $39,000,000,000, including the lease-lend appro-
priations. According to the estimate of the Bureau of the Budget
as of June 1, 1941, this figure had then risen to $43,000,000,000.
It is now   set at approximately   $50,000,000,000. Thus, since
April, the scope of our defense program has been expanded by
$11,000,000,000.
Upon that occasion, the Secretary further stated that actual ex-
penditures for all Federal purposes for the fiscal year 1942 were then
expected to be $19,000,000,000. It is now anticipated that the ex-
penditures for the fiscal year 1942 will exceed $22,000,000,000. The
Budget message of January 1941 estimated that the deficit for the
fiscal year 1942 would be $9,200,000,000. The Bureau of the Budget,
as of June 1, 1941, set this figure at $12,800,000,000. These figures
do not reflect any additional revenue from proposed tax legislation.
H. Rept. 1040, 77-1-1

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