HUGE TAX PAYMENTS
BANKER’S EVIDENCE AMERICAN INVESTIGATION (Received Nov. 2,2 p.m.) 1 WASHINGTON, Nov. 1. At the inquiry into the Chase Bank affairs, Mr. Wiggin testified that ho “saved” £BB.OOO made through personal corporations in 1929, asserting that the transaction was “absolutely in accordance with the law.” Mr. Wiggin said the purpose of his selling short a large block of stock in the Chase Bank, through his personal corporation, a month before the market crash, was to “postpone” tax payments. A letter read before the Senate committee indicated that the Chase affiliate suggested to clients methods of establishing losses for income tax purposes. Mr. Wiggin revealed that he had paid £273,000 in income tax in the last five years. The grand total for himself and his family was £698,800 in Federal taxes, and £925.000 in all taxes.
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Poverty Bay Herald, Volume LX, Issue 18235, 2 November 1933, Page 8
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137HUGE TAX PAYMENTS Poverty Bay Herald, Volume LX, Issue 18235, 2 November 1933, Page 8
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