NO BILLIONAIRES.

Hawera Star, Volume XLVIII, 10 November 1924, Page 8

NO BILLIONAIRES.

AMERICA'S MONEY, ihe richest man in America lias an income Hoc Ou,uw ; u\_aj e so "uiaess u.- is uuucoiic « ,ii. only o jier cent, oi ins cue cin tea otates "has no luiiiouuirca, states the Literary Digest. a husliigton uispuix.ii to me Wan ocreet iNe»s imorms us, "this is repealed 0} a study of tlie 1922 income-tax returns non- ueing made by the .international Revenue Bureau.” Aceorumg to that .luestigation, the paper says: it is probable that no American has an income as high as 00,000,000, Diit it is certain that none has more.

Four persons in the United States have incomes aggregating 45,890,000 dollars. They are in an official bureau classification covering those having incomes of five millions a year and over. Heretofore, the bureau’s highest class has been one of a million a year and over. It will lie seen that at least one of the four has no larger income than five millions. This would give the other three of the class an average of 13,390,000 dollars each. But assuming that three had no more than five millions, thi s would give the fourth 30,009,000 a year. This combination produces the- greatest income for an individual and reveals that no American possibly can have more.

These four persons drew salaries aggregating 276,5)56 dollars in 1922, an average of only about 70 000 dollars. Their net gain from sale of capital assets amounted to 13.562,000 dollars; their rents and royalties brought them only 136,000 dollars. Interest and investment income for the big four aggregated 1.029.009 dollars, in add'tion + o which 135,000 dollars was received from taxable. Government seouritiee Dividends constituted their main reliance, bringing in 29,948,000 dollars. Only 610 dollars is reported by all four as profits on sale of real estate, stocks and bonds.