FORTUNATE AMERICANS
ONLY 18 PEER CENT TAXED 207 MILLIONAIRES. NEW YORK, April 28. An analysis of tho income-taxes paid by Americans last year discloses that there were more multi-millionaires in the United States at the close of 1925 than at the height of America’s wartime prosperity. The total of 207 citizens who paid tax 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 paid as much income 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 be judged by the fact that their total tax contributions are more than £12,000,000. Uncle Sam was able to obtain all the revenue he required from only 18 per cent, of the population, and 82 per cent, of the people Yvere not taxed.
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Bibliographic details
Wanganui Chronicle, Volume LXXXIII, Issue 19845, 20 May 1927, Page 11
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202FORTUNATE AMERICANS Wanganui Chronicle, Volume LXXXIII, Issue 19845, 20 May 1927, Page 11
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