"The loans of the belligerent countries which were floated in the United States up to the close of 1916 are divided as follows:
| Great Britain | $908,400,000 | |
| France | 695,000,000 | |
| Russia | 160,000,000 | |
| Germany | 45,000,000 | [1] |
| Canada | 270,500,000 | |
| ———————— | ||
| Total | $2,078,900,000 | [2] |
[1]Estimated.
[2] Nearly $1,900,000,000 of this constituted war loans.
NEW PACE IN WAR FINANCE
A new pace in war finance was set by the United States when it became a belligerent. It had to provide for an increase of taxation ascending from the point of $3,000,000,000 in 1917 to over $8,000,000,000 in 1918. The largest source of estimated revenue was from taxes on excess profits, including war profits of $3,100,000,000, and the next was from taxes on incomes, $1,482,186,000 from individuals, and $828,000,000 from corporations. The New York Journal of Commerce shows by the following table the difference between the old and the new system of taxation. Exemptions under the new law were the same as under the old: $1,000 for single persons and $2,000 for married, $200 additional allowed for each dependent child under eighteen years of age:
| Incomes | Tax Under | |
|---|---|---|
| Old | New | |
| Law | Law | |
| $2,500 | $10 | $30 |
| 3,000 | 20 | 60 |
| 3,500 | 30 | 90 |
| 4,000 | 40 | 120 |
| 4,500 | 60 | 150 |
| 5,000 | 80 | 180 |
| 5,500 | 105 | 220 |
| 6,000 | 130 | 260 |
| 6,500 | 155 | 330 |
| 7,000 | 180 | 400 |
| 7,500 | 205 | 470 |
| 8,000 | 235 | 545 |
| 8,500 | 265 | 620 |
| 9,000 | 295 | 695 |
| 9,500 | 325 | 770 |
| 10,000 | 355 | 845 |
| 12,500 | 530 | 1,320 |
| 15,000 | 730 | 1,795 |
| 20,000 | 1,180 | 2,895 |
| 25,000 | 1,780 | 4,240 |
| 30,000 | 2,380 | 5,595 |
| 35,000 | 2,980 | 7,195 |
| 40,000 | 3,580 | 8,795 |
| 45,000 | 4,380 | 10,645 |
| 50,000 | 5,180 | 12,495 |
| 55,000 | 5,980 | 14,695 |
| 60,000 | 6,780 | 16,895 |
| 70,000 | 8,880 | 21,895 |
| 80,000 | 10,980 | 27,295 |
| 100,000 | 16,180 | 39,095 |
| 150,000 | 31,680 | 70,095 |
| 200,000 | 49,180 | 101,095 |
| 300,000 | 92,680 | 165,095 |
| 500,000 | 192,680 | 207,095 |
| 1,000,000 | 475,180 | 647,095 |
| 5,000,000 | 3,140,180 | 3,527,095 |
The following estimated yield from other sources is given by the same authority:
"Transportation—Freight, $75,000,000; express, $20,000,000; passenger fares, $60,000,000; seats and berths, $5,000,000; oil by pipe lines, $4,550,000.
"Beverages (liquors and soft drinks), $1,137,600,000; stamp taxes, $32,000,000; tobacco cigars, $61,364,000; cigarettes, $165,240,000; tobacco, 104,000,000; snuff, $9,100,000; papers and tubes, $1,500,000.