BIG FINANCE.
BANKER'S DEALINGS.
American Pays Millions in Income Tax.
" QUITE LEGAL" EVASION.
(United P.A.—Electric Telegraph—Copyright)
(Received 2 p.m.) NEW YORK, November 1. At the Senate inquiry into banking systems in the United States, Mr. A. H. Wiggin, ex-chairman of the Chase National Bank, testified to-day that he had "saved" 440,000 dollars in income tax on a stock profit of 4,000,000 dollars made through his personal corporations in 1929,. asserting that the transaction was "absolutely in accordance with the law." Mr. Wiggin said the purpose of his selling "short" of a large block of stock in Chase securities through one of his personal corporations a month before the great market crash in 1929 was to "postpone" tax payments. A letter was read before the committee of inquiry to indicate that the Chase Affiliate suggested to its clients a method of establishing losses for income tax purposes. Mr. Wiggin revealed that he had paid 1,305,000 dollars in income tax in the last live years. The grand total for himself and his family was 3,494,000 dollars in Federal taxes and 4,025,000 dollars in all taxes.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19331102.2.61
Bibliographic details
Auckland Star, Volume LXIV, Issue 259, 2 November 1933, Page 7
Word Count
183BIG FINANCE. Auckland Star, Volume LXIV, Issue 259, 2 November 1933, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.
Log in