Evening Republican, Volume 23, Number 303, Rensselaer, Jasper County, 20 December 1920 — INCOME AND PROFITS TAX $650,000,000 [ARTICLE]

INCOME AND PROFITS TAX $650,000,000

Washington, Dec. 17.—Treasury officials declared tonight there was every indication that the December 13 installment of income and profits taxes would approximate Secretary Houston’s estimate of $650,000,000, notwithstanding reports of the inability of individuals and corporations in various parts of the country to meet their obligations. Up to last night a total of $450,000,000 had been reported to the treasury as collected and officials asserted that today’s returns would probably add another $100,000,000 to that amount. Reports are coming in steadily, but in some cases slowly and officials said it would be nearly a week before final returns were received.