The Waterbury Democrat., 1931-03-16
Secretary Mellon Is
 Awaiting Returns Of
 Income Tax Reports
He Expects Them to Show Extent of De- pression and the Probable Deficit of the Government

would run between 3525, 100000 and s5s0. 900. 900. or around sIoo, ,ooo. 900 less than for the first. quarter last year. when they totalled $62S.000,- 900. This is despite q general in- crease of one percent In the tax rate over last year, when the temporary one percent reduction voted by con- sress was effective.
 Tax collections for the current fis- cal year. beginning last July 1, are those of the same period last year, running about $83.000.000 below while the government deficit now Is ury officials have predicted deficit of $500.000,000.
 On the eve of collections for the first quarter of this year, the total of which will not be tabulated until the end of the month, the treasury published an analysis of income tax returns which showed the high tide of prosperity in the flush days before the rcpercussions of the 1929 stock market began to be felt.
 The detailed data, which covers returns on 1929 incomes through the period up to August 31. 1930. re- over a million dollars a year, and 38,650 others with incomes of over $50,000 a year. and thus in the "mil- 1ionaire class.
 The data also disclosed the large number of persons of small means who were playing the stock market. The first stock market jolt was late in September, 1929, but it's effects did not begin to show until early in the next year. and the statistics pub lished to-day do not reflect the de- presgion.
 The total combined net income re- ported by the 504 Super million aires" was $1.1S5.135.s3O. or more net income of the country's tax than one-twentieth of the aggregate payers. which, the report revealed, was $24.519,296,077 in 1929. Their total tax was $186.144,252. or little less than a fifth of the total indi- vidual tax. which was $991.063.787.
 There were 1,273 corporations re- porting incomes over million dol lars a year.
 Of classes of incomes. second in proportion was dividends from stock of domestic corporations. 15.74 per cent. Income from wages and sal aries was first, representing $10.740.- 029.412. Or 37.34 per cent of the total. Business was third, with 11.46 per cent.
 Showing the wide participation of the 'lfttle fellow" in the stock mar ket. a total of $227.O00,000 of the profits from stocks and bon2s and real estate transactions was credited to the large class with incomes un- with incomes between $5,000 and der $5,0O0; $312,808,70S for those $10.000; and the largest percentage to those with incomes between $10,- 900 and $25.00O. which aggregated $615.207,142.
 The very small number with in- comes of over $1,0O0.0O0 reported profits of $92,23G,707 and losses of $48 413.O62.
 The $1o.00O to $25.000 income class suffered the largest amount of losses, which totalled $149,203.432. The $5,000 and under class reported losses of $43,000. 900 and those be- tween $5,000 and $1O.000 reported $102.781.117.
 Total losses reported by all groups were 1,773.366.
 The average net income for the income taxpayers was SC 077.09: the average amount of tax paid. $245.63, and the average tax rate, 4.04 per cent.