HUGE INCOMES

Evening Post, Volume CVI, Issue 150, 31 December 1928, Page 7

HUGE INCOMES

A MILLION AND OVER :' ■. ■ .PIN^ISfCIAI; GIANTS;■' •^."..'j Tlie time was -wlien! a,millionaire was arxnarii .who,possessed a million pounds,; or\dollars", or' land''and' goods worth a\ million, 'but times have changed; and the millionaire .to-day, in:.'Ameriea; at; any rate, is one who has an inqome of a million dollars, and over.' . Surely, there' aro. not many of: them! ; ,- * But ..there; are.: -An article in j the; "Springfield! Eepublican," based on Govei:nment;flgures,; states;. that in 1927 tirero. were ten multi-millionaires -andy 273. mere" millionaires, quite "poor folk,' to: whom the writer refers as'"lesser millionaires.". Ten Americans boast annual incomes' of 5,000,000 dollars or.'lupre^',each,'the internal'revenue:bureau has revealed.in making public it's '! for'-;.1927 : (says the writer). These 10 Croesuses shared among them'last year incomes amounting to" 89,000,000,000; dollars.;.' ■ ; 'Two liundredand seventy-three other men and women enjoyed incomes ranging from 1,000,000 dollars'a year up.; They paid taxes to Uncle Sam on an; aggregate ■,income 'of '4.97;000j000v.dol-; lars. .-..'' ;■. •'<: ...■<■'. ■•, ". :;,, „ .:■" ..'.' . Although there were if evyer*persons in, the 5,000,000 dollar class 'than'-in- 1926,-

when1. M^ere' vreportedi- the number; oi'siineomes between- 1,000,000 dollars aria .5,000,000 dollars, set;a, new. Mgh: re-eoi-cl.. ■'.'■..'.■ v. .■'-,':.,• ■.'■i,\p. iv; r -. ■>■'-''■.'.:.<•■;' ■ ,■ The 283 incomes in excess of 1,000,000 dollars, counting^ those over the 5,000,000 dollar . m&c,'< compared -with" 231 in 1926, 207 in 1925, and 75; in 1924., Their totaL amount 0f : '586,0,06,000 dollars also was unprecedented. •,;.■ It 'compared with; 494,000,000 dollars in 1926. All the secrecy the law,. requires was thrown- about the. identity of the/pos-i sessors of these .great incomes and the, exact amount of each income, i A final' report on the 1926 incomes, however, "showed the residences of those who re-; 'ceived them.' ' Four of the ,14. who in that year receivedv-5,000,000 dollars or ■ more were ■ credited. to New.': York. ■Their income wa5.38,573,000. Two;lived: in California. : ' Two. more, believed-id; .be■ Henry and . Edsel Ford, •.paid '. their! taxes in Michigan. ,' Although 'tlieir; income was grouped for added secrecy with : that of several others .who; rcceiv.-; ed somewhat-less, the figures' indicated that; it-: amounted roughly' to ■11,000,000; dollars. Pennsylvania had throe of the; incomes of 5,000,00b-.dollars'or:ni6re/ one; believed to be that of Secretary of tho Treasury Mellon. A'resident of ;ll■linois,. a..Texan,:. :"and'■';an Oklahonian rounded i out ..the-.1i5t.... -• ;■.-;■:■,} .;.'■■; --HOW IT IS DONE; .'.' '^/ By way of, hints' for fortuue,.seekers; the bureau's figures; showed that "buy.1 low and sell ■ high," or some such for-' niula, points tho ; way. to -riches.- . $he

,283' ./persons ;■ who*;had.': -incomes': 'of. 1,000,000 doUars or.;more 'in.: 1927ar|-' ceived more than 43 per-ceat, of their', combined income as profits 'pn< the sale . of 'real ;estate, stocks, bonds, or wjia|,; not, which they had held for more thai" two'years. .' ' ■..-•■.•■• ■ ."-,- ' ' .'':■■-.:..■' -.■.'■•'• '■'•';':■'" : Dividends ranked second as aweatltfe' producer^ bringing in ovw 36 per. cenfci; of,the combined'income of this ppelerif;: group. Another 6 per cent, represcate^d- . profit from sales.of real estate, s'ecui-^' ! ties and>other possesions- held for lesij. than, two years. '...• ■ • .■ -./• : ; ;.. v^'" ! Giant incomes were even-more' cora-mon--~iimqn'g : the 'corporations',:' 173: of. these having imade 5,000,000 dollars or ; more each,-last! year. . A :total of 961; topped-the 1,000,000' dollar mark/1: : The net income of all theiindividuals who reported any . income for 1927 Bg^ gregated 22,573,000,000 dollars, an, ia», crease of' 1,008,000,000"' dollars'V byeiS 1926. Those'reporting income number|ed 4,122,242, and 2,464,168 of these pew sons, rhad. net_ incomes large ,enough, .to be taxable. The aggregate t'/iet income o£.i. corporations was 8,068,0p0,60p, a de-! .crease .of i,144,000;000. fr0m.1926.'?'.; ":"-'.