Perth Amboy evening news., 1923-06-23
INCOME TAX DATA 0 L
OF BY HASKIN
Daily Letter by Frederic j. Haskin

WASHINGTON, June 23:-Ex-
animation of the new income tax
tables, just compiled by the Bureau
Of Internal Revenue, gives some
promise that the old reimbursement
wherein the rich grow richer and
the poor grow poorer is changing.
The statistics indicate that the rich
are not growing richer. The change
is not complete enough to bring a
bout that situation wherein the poor
would grow richer. Everybody, &C
cording to the new tables, rich and
poor alike, is growing poorer.
The decline in the number of mill
~lionaires, which set in some time
ago, has continued. Millionaires
seem to be dropping out of the Am
terican economic picture as the leaves
drop from the trees in the autumn.
The new statistics show that there
are 81 members of that class of SUI
per-millionaires possessing incomes
of $1,000 900 and over a year..
The elaborate statistical tax tables
necessarily are somewhat behind the
times. The calculation required to
produce them are extensive and i;
has not been possible to bring them
up to date. The new figures just com
pleted and released by the Treasury
are for the calendar year 1921-a
year and a half old-but neverthe-
less are the latest news on incomes.
Compared with the handful of II
million-dollar incomes in 1921 there
were SO in 1920. That was the year
of the big drop. The previous year,
1919, there had been 65 persons with
incomes of a million dollars a year
and more. Nineteen eighteen show
ed 81 such Croesuses and the year
1917 the first big year of wal profits,
showed 141 of these super-million-
aires. The year 1916 was the record
in the history of American incomes.
In hal year there were zoo Ameri-
cans who had incomes of 81, 000,-
900 a year or more. Before that
year, the number had been increas-
ing annually; since the 1916 peak,
the number a been decreasing and
if the present ratio is continued the
class soon will be wholly extinct.
Not only are the super-millionaires
decreasing those of less wealth also
are included in the general decline.
All down the line the personal in
comes fell off in 1921 compared with
the previous year.
NdtlOLldl income decreased
The total number of returns made
in 1921 was 6,662,176 as compared
with the peak number of 7,259,944 in
1920. The total national income of
individuals reported for the year is
$19,577,212,52S This is $4,15S, 49,
655 less than the total for the pre-
ceding year.. When the people do not
have the incomes, the Government
/ 4 - - .-II--A -
fore, there was a reduction of $685.
666,5S0 in the amount of tax col
lected in 1921 compared with 1920.
The average income per year for
1921 was $~2,93S.56 and the average
tax paid thereon was s1O7.98 at an
average rate of 3.67 per cent.
These figures show that the de-
cline in the number of persons hav-
ing large incomes does not mean
that the wealth is being concen-
trated in a few hands and that a few
are receiving great sums. The con-
temporary decline of both the num-
Der of incomes, big and little, and
the total national income show that
rich and poor alike are getting poor
er.
Whereas, in 1920, there were 49,
093 millionaires in the United States
that is persons having estates of
$1,000,000 or and receiving an
nual incomes ranging from $4,000
to 100000 a year-in 1921 this
class had dwindled to only S,717.
The half-millionaires numbered,
in 1920. some 23,729 but in 1921,
there were but IS, 100 of them. Those
with incomes of $40, 900 A year num-
bered, in 1920, 455,442 while in 1921
they numbered only 353.247. Even
the lowest class making income tax
returns shows the same falling off.
Persons receiving incomes of from
$1,000 to $4,000 a year numbered,
in 1920. %2,s71,950. In 1921 there were
only 2,4I0, 544 of this class.
The ptriod of diminished income
seems TO have fallen on the whole
country at the same time, which is
considered a healthy sign. Had the
figures showed that the super-mil-
lionaires were increasing, even that
there was mn increase In -he - IN
come classes, an unwholesome con-
centration OF wealth would have
been revealed. But, as the rain falls
on the just and unjust, so hard times
seem to have fallen indiscriminate-
ly on the whole American income
AtaxrpaZing Qop1lalons