ROCKET MILLIONAIRES

Ashburton Guardian, Volume 51, Issue 133, 18 March 1931, Page 6

ROCKET MILLIONAIRES

AMERICAN MONEY KINGS. WHAT THE TAX RETURNS SHOW. Financial disasters in the United States that have caused world-wide sensation recently render doubly interesting some remarkable facts that are now disclosed with reference to the rise and fall in the number of millionaires in America. Income tax returns show that in 1928, when stock speculation reached its peak, oil persons—22l more than in 1927—had incomes of at least £200,000 a year. Of this number 74 were women, and 29 were single girls. Eighteen of the latter had incomes between £200.000 and £300,000. Two had between £BOO,OOO and £1,000,000, ami two had incomes exceeding £1,000,000. In the highest class of income—£1,000,000 and over—were 26 persons. Most of these lived in the Eastern States, 11 being in New York.

The total persons paying income tax in the United States exceeded 4,000,000, and the tax collected was £67,000,000 more than in the preceding year. The millionaire income class paid £37,000,000 on a total income exceeding £220,000,000. More than £26,000,000 of income tax was refunded by the Treasury, the biggest item being £3,000,000 to the United States Steel Corporation. A refund, close upon £90,000 was made to Mr John 1). Rockefeller, and a similar amount to Mr John Jacob Astor. Especially interesting is- the disclosure that nearly half of the total income taxes are accounted for by the salaried and wage-earning class. Stock Exchange speculation, it is declared, accounted for the'sudden expansion cf the millionaire list. There were far fewer millionaires in 1929, and the prospests late last year indicated still fewer for 1930. In contrast with all this is the fact that the highest incomes dealt with in the British returns for super-tax are those "exceeding £100,000." Of these, in the financial year 1927-28, the number was 131, dividing among them a total assessable income of £26,497,470. There were 93 people in Great Britain with incomes between £75,000 and £IOO,OOO, and 273 with incomes between £50,000 and £75,000, while a similar number had incomes between £40,000 and £/50,000. The total number of people paying income tax was 2,150,000, and their average income was about £1153.