Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-15
City's Great Fortunes Invested in
Corporations Which viii Pay
Tolls for 0wners-NearIy Fiji
teen Hundred Are Affected.
SaIared Employees in Many In
stances Give More Than Men
Who Hire Them-Great Mass
Of Population Exempt,

Those curious people who have been
Mating eagerly the income tax re-
turns that they might learn at last
where the wealth of Atlanta really
lies are doomed to disappointment.
Even il Internal Revenue Collector
Blalock were talkative about the in
come tax, which he certainly is not,
TIE figures he could give would not
relieve the curiosity very much.
Because, as it happens, those indi-
viduals who are rated as the richest
in Atlanta probably will pay rela-
lively little tax themselves. This odd
situation is revealed by men who
are in close touch with the distribu-
non Of wealth in the city, with the
explanation that the richest Atlantans
have their money invested in cor
porations. stocks and bonds and other
business ventures. so that the tax
on the income derived is paid not by
them but by the compilations in which
they are interested.
Wealthiest Pays None.
Thus is explained the case of one
Of tie wealthiest Atlanta men, who
personally pays not one cent of in
come tax: and who, according to the
tax returns, were they available,
would not be rated as of any financial
consequence. But the corporations
IN which he is interested pay the tax
instead
Men who know the situation tell OF
several unusual incidents that have
occurred, one particularly concern
ing salaried employee who pays a
larger income tax than his employer
for the reason that his income
amounting TO several thousand dol
lars, is direct. while that Of his en-
ployer amounting to almost ten times
as much, comes as interest on bond
and corporation stock.
It is believed that very few re-
turns were made by Atlanta people
indicating large incomes. There are
several large property whose
income, being derived from rents, is
direct and. therefore, should be made
the subject of personal returns. But
even in these cases the taxes paid
will probably be no indication Of
actual wealth, for a great proportion
Of real estate owners in Atlanta are
also real estate operators, whose hold
ings are mortgaged or held as col
lateral for loans with which they are
conducting further operations. In
which case the interest they pay eats
away the amount of the tax for which
they otherwise would be liable.
Great Mass Exempt.
There will be no astonishing revela-
ions in the figures for the income tax
returns in Atlanta, it is confidently
expected; and IT. is likely that the
great mass of individual taxpayers
are salaried men and not the
Weather owners of stocks and bonds.
It is estimated that there are nearly
1900 Atlantans with salaries or in
comes Of $4,000 or more. who will
be affected by the tax, either directly
through individual assessment, or in
directly through their holdings in cor
porstions.
Guesses vary as to what Atlanta
man or woman will be most heavily
affected by the income tax, as paid
directly and indirectly, and among the
names that figure in the surmise are
hose of Mrs. w. d. Grant, Asa Can
der Sam Inman, John w. Grant, Dr.
q /. Connally and Mrs. John NJ.
Saton.