FORTUNATE AMERICANS
ONLY 18 PER CENT. TAXED
NEW. YORK, April 6. An analysis of the income taxes paid by Americans last year discloses that there were more multi-millionaires here at the close of 1925 than at the height of America’s war-time prosperity. The total of 207 citizens who paid (ax on incomes of “1,000,000 dollars and over’ is a. new high record compared with the low record of 1924, when there were, only 75 in that class. It is interesting to note that the 10,000 wealthiest persons here paid as much in-come-tax between them as the combined payments of the remaining 2,250,000 persons who made up the balance of the taxpayers. Thanks to more liberal exemptions, 2,000,000 persons who paid taxes previously were let off, but because of the greater general prosperity the Government collected 6 per cent.’ more money than for 1924. The tremendous wealth of the seven persons paying the heaviest tax may he judged by the fact that their total contributions are more than £12.000,000. Uncle Sam was able to obtain all the revenue lie required from only 18 per cent, of the population, and 82 per cent, of the people were not taxed.
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Bibliographic details
Poverty Bay Herald, Volume LIII, Issue 16340, 14 May 1927, Page 14
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197FORTUNATE AMERICANS Poverty Bay Herald, Volume LIII, Issue 16340, 14 May 1927, Page 14
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