UNCLE SAM’S MONEY

Sun (Auckland), Volume I, Issue 129, 22 August 1927, Page 7

UNCLE SAM’S MONEY

HUNDREDS OF MILLIONAIRES In the calendar year 1925 no fewer than 207 persons paid Federal taxes on net incomes of more than 1,000,000 dollars in the United States, according to figures made public by the Treasury Department. Of these 96 were in New York. In the same year the gross incomes of all corporations was 113,692,083,216 dollars. Both of these are new records and go a long way toward substantiating the contentions of Secretary Mellon that the lowering of the income tax rates would uncover larger incomes and result in a larger return to the Government. In the year 1921, while taxes were still at their peak, only 21 persons reported incomes in excess of 1,000,000 dollars. With the first cuts there was an increase to 75 in 1924, and with a still greater cut reducing the maximum surtax to 20 per cent., there was a sharp rise to 207 in 1925. Figures for 1926 are expected to show a still greater increase, as the Federal revenue, despite a further tax cut. has exceeded all expectations, and a surplus of about 650,000,000 dollars is forecast for the fiscal year ending July 1. Of course, some of this increase in due to the great prosperity that the country has had for the past five years. Two persons reported incomes of more than 5,000,000 dollars in New York, believed to be John D. Rockefeller. jnr., and George F. Baker: two in Michigan, believed to be Henry Ford and his son; one in Pennsylvania, believed to be Secretary Mellon himself; while there was one in this class also in Illinois and one in Oklahoma. Twenty-two women are among those reporting incomes of more than 1.000.000 dollars, while three of them reported incomes of from 3,000,000 dollars to 4,000,000 dollars.