RAISING THE WIND.

Stratford Evening Post, Volume XXXVI, Issue 90, 20 August 1913, Page 4

RAISING THE WIND.

Mathematicians in the .United States are amusing themselves' by computing the amounts' certain millionaires will have to pay if Congress should impose an income tax. The “Lytetlton Times” says the Bill for this purpose now under consideration provides that all incomes under £BOO shall he exempt. From £BOO to £IOOO a tax of one per cent, is proposed, and from idiat basis the tax increases gradually, A man in receipt of an income of £20,000 a year, for instance, will pay ope per cent, on the amount between £BOO, and £IOOO, 2 per cent, on the additional amount between £4OOO and £IO,OOO, and 4 per cent, on the amount between £IO,OOO and £20,000. All incomes exceeding £20,000 will pay a tax of 1 per cent, on the additional amount. This means that a man in receipt of one million dollars a year, or £200,000 in British currency, will be called upon to pay an income tax of £7650. No one knows the exact amount of Mr J. I). Rockefeller’s income, but one cheerful calculator estimates that his annual income tax will amount to £400,000. Mr AY. Rockefeller will he called upon to pay £160,000, Mr Carnegh £120,000, and the estate of the late J. P. Morgan £60,000. The poorer men, such as Messrs. AA’. K. Vanderbilt and AA'. AV. Aster, will contribute about £20,000 each lo the Treasury—and not look pleasant. Should the Bill pass in its present form the revenue of the republic will become vein buoyant indeed.