Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-07-29
LO THE POOR MILLIONAIREs- Frederic j. Haskin

For the purpose OF this computation, 1t
has been arbitrarily assumed that the mil
lionaires make returns of 10 per cent and
our classification has been worked back from
that hypothesis. Doubtless there are many
possessors of $1,000,000 earning but per
cent on their fortunes. If this classified
ton be included, the total number OF mil
lionaires is greatly swelled-more than dou-
bled.
OF the $4,000 income cgass-a per
cent yield on 000,OO0-there were
5,161 in 1914. These added to the 2,S48
of the higher classes, would give total of
1909 for 1914. The figures for the other
years for these millionaires are: 6,847 for
1915, or total when added to the upper
classes of 10,671 all told; 10,452 for 1916,
or total of 1905; 12,439 for 1917, or
total of 19,103; 9,996 for 1918, or total
of 14.495; 1890 for 1919, or total Of
1886; 1908 for 1920, or total OF
1919.
The figures show that the groups of les
ser millionaires, that is, those having es-
'tates ranging from 100000 to $4,000
900, have held their fortunes through the
war better than the super-miEionaires with
fortunes above $10,000,000.
When Poor MiIlionaires Flourished
In fact, the high point for single-million-
aires-that Is, possessors Of $1,000,000
yielding incomes of 100000 a year-was
not reached until 1919, which was three
years after the high point for the super
millionaires had been passed In fact, every
class Of lesser millionaires from the i'm
poverished possessors of a mere million
up to those with 100000 or 100000
was more numerous in 1920 than in 1914
when the war started; whereas there are
but half as many super-millionaires shown
for 1920 as for 1914.
The 100000 fortune~seems to be about
the most steady. OF these, paying in
comes of 100000 a year, there were 233
in 1914; 386 in 1915; 726 in 1915; 7O3
in 1917; 401 in 1918; 522 in 1919, and
307 in 1920. A steady, healthy growth Is
shown up to the peak in 1916 and then a
falling off; but result at the close of the
period showing substantial gain in this
class over 1914. The other net gains over
1914 are notable also.
There were in 1914, lat possessors Of
100000 and in 1920 169 Those with
100000 estates in 1914 numbered 50
while in 1920 there were 70. Those with
100000 number ia in 1914 and 1913
In 1920. The highest single class Of all for
the period was that composed of persons
with $1,000,000 in 1917. There were 1902
In that class alone in 1917, the year the
United States entered the war
The possessors of these great fortunes
are the persons who pay the bulk of the
government taxes. While the average tax
paid by the man with $4,000 income in
1920 was but $3.50, the average tax paid
by the single-millionaire was $39,51971,
and the average tax paid by the super
millionaire was $1,490,457.12.
In the aggregate, the large number Of
small salaried persons received more in
come than the super-millionaires. In 1920
the net income of persons with incomes
ranging from $1,000 to $4,000 a year
reached the gigantic aggregate of $4.050,-
066,618, while the group Of super-million-
aires had to content themselves with an ag-
gregate income Of only $77,O7S,139. But
the income of $4,050,066,61S received by
the relatively poor people had to be di-
vided among 2,671,950, while the super
millionaires had their $77,O7S,139 to divide
among only 3d.
While the $4,000 income class which re-
ceived an aggregate income of $4,O5O,O66,-
61S paid total tax of only S36S59732
the super-millionaire class with an aggre-
gate income of only $77,078,139 paid the
greater sum of $49,185,0S5. That the rich
people of the country bear by far the
greater part of the tax burden is shown
by the fact that all the income classes from
$1,000 year up to $4,000 a year paid
but 1851, 100000 in 1920, while the classes
ranging above $4,000 a year all the way
up to the super-millionaires paid total
of $S0S, 100000. These figures are for
1920, which was year Of high wages In
the lower classes, but a poor wear for
mill1onaires. The explanation is found In
the fact that the average rate of tax in the
$4,000 class was but 1.19 per cent in 1920.
compared to 64.65 per cent for the super
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