Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-15
City's Great Fortunes Invested in
Corporations Which viii Pay
Tolls for Owners.
NEARLY 1900 ARE AFFECTED
SaIaried Employees in Many In
stances Give More Than Men
Who Hire Them.

Those curious people who have been
waiting eagerly the income tax re-
turns that they might learn at last
where the wealth of Atlanta really
lies are doomed to disappointment
Even if Internal Revenue Collector
Blalock were talkative about the in
come tax, which he certainly is not
the 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-
tivelv little tax themselves. This odd
situation is revealed by men who
are in close touch with The distribu-
ton 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 corporations in which
they are interested.
WeaIthiest Pays None.
Thus is explained the case of one
of the 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 a 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.
1t is believed that very few re-
turns were made by Atlanta people
indicating large incomes. There are
several large property owners 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 great proportion
of real estate owners in Atlanta are
also real estate operators. whose hold
fngs 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-
lions in the figures for the income tax
returns in Atlanta, it is confidently
expected; and il is likely that the
great mass of individual taxpayers
are salaried men and not the
Weather owners of stocks and bonds
1t is estimated that there are nearly
/ 500 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
porations.
Guesses vary az 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
those Of Mrs. w D. Grant. Asa Can
dler. Sam Inman, John w. Grant. Dr.
f. l.. Connally and Mrs. John NJ
Slaton.