The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1917-12-30

One Third Of Wealthy Men
Found Residing in City
of New York.

Washington. Dec 29.--The number Of
millionaires in the United States has
more than doubled since the beginning
If the European war. according to Off
cial figures just made public by the
Commissioner Of Internal Revenue.
In 1914 there were just 1909 persons
in the United States with incomes of
$50, 900. hut in 1916 there were 1905. or
in round figures. two and third times
az many.
That it is highly conservative to
rank people with $4,000 incomes as
millionaires is universally admitted.
Let's look at the matter in another
way. At the beginning of the war there
was just one millionaire for every a.
600 ordinary American folks" now
there is a millionaire for every $500
of the common people. -
II these millioraires were evenly dis
tributed throughout the country, there
would be one in every town Of 5000
people; but they aren't. Instead, sta
tistics show that about q third Of them
)are in New York city and at least an
other third in the other great cities
chiefly in the cast
Many of the millionaires migrated to
piles in industrial towns or mining
camps.
The largest increase was in the
number of big rich" people with in
comes of half million dollars or more.
worth at a conservative estimate from
ten million dollars up. While the num-
Der of ordinary millionaires doubled.
the number of these multi millionaires
l,nv,
| in 1914 to $50 in 1916.
These. be it remembered. are mimi
mum figures: they represent only the
number who reported their incomes to
] the revenue collectors. If we knew
the truth, the number would probably
| be twice as big.
These figures show just where the
bulk of the increase in cost of living
has been going. 1t is true, of course.
| that a part of the increase in the mil
lionaires incomes came from Europe
through the munitions trade: but the
greater part Of this increase came from
the pockets of the American people.
through the price increases of the last
| three years.
| The plain fact is: Wealth in the
| United States is being concentrated in
the hands Of a small number Of falnil-
les. less than one fiftieth of one per
cent Of the. whole population, at a rate
never before known.
| In 1910, 2 per cent of the people of
the United States owned 60 per cent
of the wealth. Today. it is certain this
2 per cent owns and controls at leas.
10 per cent of the nations wealth and
resources.
But. you ask, won't the tax laws
passed by the hast congress correct this
by reducing many Of these swollen in-
| comes for the benefit of the federal
treasury?
The answer is NO. except in rare
instances of men carrying on develop
| mental work, who We're unable to shift
| the bulk of their taxes to the consum-
ing public.
Most of these millionaires' incomes
| even after they have paid their income
taxes. will be greater in 1917 than they
| were in 1916.
] predict that next December the
treasury reports will show at least 800
incomes over a million dollars. instead
of the 2O6 reported this year.
These 1900 millionaires paid taxet
last year on Il total of $2.469.OOO.0OO in
icome-equivalent to the income Of e..
900 each.
There are only about 100000 fam
lilies in the United States. SO these H.
900 received as much income as one
eighth of all the American people.