INCOME TAX HARD ON MILLIONAIRES
Though he has an income of half a million dollars. Adam Mortimer Singer, son of the American inventor of the Singer sewing machine, gets only a fifth of it.
Mr. Singer, who is a naturalised Englishman, is hit hard by the income taxes of Britain and the U.S. His half-a-million-dollar income is derived from the U.S. By the time the United States gets through assessing it there is only about 8200,000 left for Singer. The U.S. collects a tax of 62 per cent. When he gets the 8200.000 Britain takes a cut out of it which reduces it another hundred thousand dollars.
Mr. Singer points out that if he lived in France, paid the U.S. tax because the income is derived from that country, paid the British tax because he is a Britisher, and then paid a French income tax. he would haxe about 850,000 left.
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Bibliographic details
Wanganui Chronicle, Volume LXXVI, Issue 17789, 11 February 1920, Page 5
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151INCOME TAX HARD ON MILLIONAIRES Wanganui Chronicle, Volume LXXVI, Issue 17789, 11 February 1920, Page 5
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