UNITED STATES INCOME TAX.

Press, Volume LVII, Issue 17207, 26 July 1921, Page 7

UNITED STATES INCOME TAX.

INTERESTING FIGURES. (By Cable—Pxe» Association—Copyright.) (AustraJi&n and N.Z. Cable Association) (Received July 25th, 8.20 p.m.) WASHINGTON, July. 24. It is announced that the incometax collected in the United States for 1919 amounted to 1269 million dollars, nearly 142 million dollars more than for 1918. There were 65, persons reporting incomes of one million dollars or more, but this was 161 less than in 1916. The number of persons who. filed returns as individuals was 5,832,760. The, millionaire class only paid ninety-nine, million dollars in income-tax. Evidence of the decline in American traders' and producers' profits, during j the post-war period is. contained in recent statistics dealing with income | and profits tax returns for the last two or three years. The Federal incometax, which is payable in quarterly instalments, is a barometer-like indicator of 48?P?i£ conditions. The downward J»ovemawsfih trade and commerce is 'even ''dwelrrable in one income alone, 'thatto,Mr'Wolra D. Rockefeller, of the Standard (Jijf Companies, who, as, the ' richest ,man'"in America, witi a total wealth .of approximately 1,000,000,000. dollars,,' sifcsvat. the >head of a large financial family that controls a great; number of. important American corporations. AriVexamination of the returns reported by the Internal Revenue Bureau shows that Mr Rockefeller's income was. about 45,000,000 dollars in 1917; in 1918 it had dropped to approximately, 40,000,000 dollars. This Fall in the oil magnate's income was due to the decrease in dividend pay? ments by the corporations in which he is a stockholder. Business as early as 1917 appears to have begun, to feel the imrendiTur strmgency. Of course, Mr Rockefeller's in-come-tax for 1917 was paid in -1918, and that for 1918 wbb paid in 1219. Complete statistics for the income and profits tax for 1919, collected, in the year 1920, have not vet been made public. What Mr Rockefeller's income was during that ,period is therefore unknown; but that it was undoubtedly smaller than in the previous year is made probable by the generally reduced returns for the whole' country, manv of the larger corporations having difficulty in paying the last tax instalment. The inoome and profits tax in 1918 amounted to approximately 2,839 000.000 dollars, in 1919 it dropped to 2.600,000.000 dollars; and for 1920 it is estimated that it will total onjy about 2,000,000.000. dollars. ,The returns for the year 1921 received up to April 15th oti the taxable incomes for the year 1920" show a 25 per cent, reduction in the great"financial centres of America, namely. New York, Philadelphia, Pittaburg, and Chicago, the last-named city alone dropping from 800,000.000 dollars collectable in the year 1920 to 225, 000.000 dollars collectable in 1921. While business generally has suffered extensivelv during the post-war period, the number of millionaires and multimillionaires in the country, however, does not seem to have decreased. The latest detailed income tax fimires available—those for the year 1918—re'rea! some interesting facts on this score. During the year there were 68 Americans Including Mr Rockefeller, wbb had a total of more than 140,000,000.d011ars lars income. One person, probably Mrs E... ) .H. Harriman, widow of the railroad magnate, reported aii income in excess or 4,000,000 dollars, two others had incomes between 3,000 000 dollars and 4,000.000 dollnrs. There were 11 incomes.from 2.000.000 dollars to 3.000.000 dollars, and of the 16 incomes from .1,500,000 dollars to 2.000;000 dollars, five were reported by single women. The great bulk of the at abotit 88 per cent.—are those up to 5.000 dollars: bnt 20.000 persons reported incomes of 50.000 dollars, and it is estimated that 'about one in 2100 persons in the country is a millionaire.