U.S. INCOME TAX.

Poverty Bay Herald, Volume LI, Issue 16870, 27 October 1925, Page 9

U.S. INCOME TAX.

GIGANTIC FORTUNES. NEW YORK, Sept. 9.—The national ' interest aroused by tli6 publication of : income tax payments greatly exceeds that manifested last year, when some newspapers refused to print the returns • oio the groundi that publication was illegal, and also represented a wanton prying into affairs which concerned nobody except the private individuals and public, corporations listed. Since then the highest courts have decided that publication is legal,’ and,to-day the returns occupy the .chief space—one paper, the .New York Times,'devotes eight pages to the names and addresses of payers —and for the time being the task of ascertain- ; ing just how much somebody paid'UhClo ft a m last year, or whether somebody else paid anything, awakens national curiosity. About 7 "per-cent of America’s population made returns, and 8,800,000 — including 1,000,000 in New York Citypaid close upon £350,000,000. Mr. Henry Ford and his' family, Of Detroit, lead 1 with over' £4,000,000 payment, followed by Mr. Rockefeller, juu.,. with well over £1.250,000. Mr Rockfeller, junior’s, income is roughly estimated at £2,500,000, that of Mr. Henry Ford as an individiual at well over £i,000,000, and that of Mr. Edsel Ford, his only son, at £1,000,000. New York State furnished nearly one-third 1 of the total income tax. In the national totals oil and the “lliycr” led in money-making power. The returns generally show decreased payments, as compared with the preceding year, duo partly to a reduction of 25 per cent, under the tax law and to the fact that rather mure people than usual place their money in tax-exempt securities. The Ford Motor Company, with a payment of £3,280,CC0 headed the list of corporations, the United 'States ‘Steel coming second with £2.200,000, revealing a decrease of £BOO,OOO. Jack Dempsey, the world champion pugilist. who is popularly rated as a millionaire, paid only £SO odd in New York. Babo Ruth, the baseball idol, the “King of ft Wat,” paid close upon £7CO. The-collectors assail the publication law, ami the majority report no increase in the revenue to the Government as a result. They insist that the data are practically useless, and that they fall to show, the payers’ real liniibcial standing; also that trade rivals and curiosityseekers arc the chief beneficiaries. .The publication, hqwever, is warmly welcomed by salesmen, who arc now busily engaged in compiling lists of “prospects,” ’the inference being that those persons paying a large income-tax are more likely to be customers’ than those whose incomes are small.