Manawatu Herald. THURSDAY, JULY 4, 1918. WHAT AMERICA’S RICHEST MEN PAY.
ANY idea that rich Americans are not bearing their share of the war’s financial burdens is dispelled (says the. New York correspondent of the Daily Express) by the estimates of taxes to lie paid by the multi-mil-lionaires, and the comment made upon them by Air William H. Edwards, collector at the Wall Street Revenue Office. “These estimates were not given out by this office,” said Mr Edwards, “but I think they dispel the erroneous idea that the rich are not called upon to bear their share of the war’s financial burdens. It should be borne’in mind that all incomes of £400,000 or more must pay a surtax of 63 per cent. There are in addition normal taxes and the excess profits tax.” The incomes of the 30 wealthiest Americans alluded to above and the income taxes payable by them are estimated as follotv; — Estimated Tax Yearly Based on
Income. Estimate. Rockefeller, J. 12,000,000 7,680,000 Frick, H. C. 2,250,000 1,432,000 Carnegie, A, 2,000,000 1,280,000 Baker, Geo. F. 1,500,000 960,000 Rockefeller, W. 1,500,000 960,000
Harkness, Ed. 1,250,000 800,000 Armour, J. O. 1,250,000 800,000 Ford, Henry 1,000,000 040,000Yanderbilt, W. 1,000,000 640,000' Green, Ed. H. 1,000,000 640,000 Harriman, Mrs 800,000 472,000 Astor, Vincent 752,000 480,000 Stillman, James 700,000 448,000 Ryan, Thos. F. 700,000 448,000 Guggenheim, D. 700,000 448,000 Schwab, Chas. 700,000 448,000 Morgan, J. P. 700,000 448,000 Sage, Mrs B. 600,000 384,000 M’Cormiek, C- 600,000 384,000 Widener, Jos. 600,000 384,000 James, Arthur 600,000 384,000 Brady, Niehol. 600,000 384,000 Sehiff, Jacob 500,000 320,000 Duke, Jus. B. 500,000 320,000 Eastman, Geo. 500,000 320,000 tin Pout, P. & 500,000 320.000 Swift, Louis S. 500,000 320,000
Rosemvald, J. 500,000 320,000 Lewis, Mrs L. 500,000 320,000 Phipps, Henry 500,000 320,000 The operation of the income tax and the excess profits tax came as a surprise lo*j)iany, and especially to men whose incomes were increased by war activities last year.. Mr Edwards cited the case of a man who made £20,000, and had to pay over to the Government £12,600 in taxes.
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Manawatu Herald, Volume XL, Issue 1848, 4 July 1918, Page 2
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342Manawatu Herald. THURSDAY, JULY 4, 1918. WHAT AMERICA’S RICHEST MEN PAY. Manawatu Herald, Volume XL, Issue 1848, 4 July 1918, Page 2
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