Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-01-01
CONCENTRATING WEALTH


intelligent, Industrial, social, and po-
litical leadership in this day of con-
centration of wealth, and consolida-
tions of our banking and business en-
terprises. However, it is a question
If We should continue to boast of
such. The country that is the most
prosperous and contented, is the one
that provides best for its masses
where there is a minimum of poverty
and distress Without contentment
and prosperity on the part of the mas
SEES there is in reality no prosperity
in the country.
Today we have the spectacle of an
apparent over-productiOn in both agri-
cultural and industrial products, de-
pressed farm products prices, lower
incomes for the agricultural popula-
tiOn, far too much unemployment in
every large city in America, and want
and misery to the extent that it is
function overtime. Yet America is
the richest country in the world to-
day. But there is a great opportunity
for more equal distribution of this
wealth.
The Associated Press reports that
$126.S36,333 was refunded by the U. S.
treasury during the last fiscal year on
account of errors in computing the
federal income taxes. In addition to
this, the treasury allowed $176,39S,377
in attachments, and $36,535,24 in
credits for the same reason.
Among those who received refunds,
attachments, and credits were some Of
the largest business organizations
with supposedly the best brains and
legal talent in America, unable to fig
ure their own taxes. Andrew Mellon,
the millionaire secretary of the treas
ury. refunded to the U. S. Steel Cor
poration over fifteen millions of dol
lars. Swift & Co. of Chicago, re-
ceived a refund of nearly seven mil
lion dollars.
Mr.. Mellon is the same secretary
who was so worried over giving a sub
sidy to the American farmer when the
McNary-Haugen bill and Debenture
progressive senators like Shipstead,
Norris, Nye, Brookhart, Wheeler, and
others.
Big business would like to inaugu-
rate the sales tax system, the tax
that places more penalty on the con-
Stunning public. If there was less re-
funding, abating and lowering of in
come taxes to those who can we'll af-
ford to pay it, there would not need
to be so much talk about a retail or
general sales tax.
The internal revenue bureau has
also just released figures for 1928
which showed that 511 persons re-
ceived incomes of one million dollars
or more in that year, which was an
increase of 221 persons over 1927.
Statistics based upon income tax
returns for the calendar year 1923
showed the total net income of the ma
ton for that year was $25,226,3 go,
an increase of $2,6S1, 236, 1859 over the
previous year. Of the total, $685.
464,33S was subject to tax, returning
SILICA ,254,O37 to the government.
In the highest class of income, that
OF $5,000,000 and over, were 26 per-
sons. There are one each in Alabama.
California, Michigan, Iowa, North
Carolina, Ohio, and Wisconsin, three
each in Illinois and New Jersey, II
in New York and two in PENNSYLVANIA.
In the list of persons having incomes
of one million dollars or more, Min
nesota has seven; Wisconsin, four;
and Iowa, five.
During the year, 4,O7O,S51 persons
filed income tax returns, of which
2,523,0 were taxable, but the total
was 3O,696 less than the previous
year. The tax collected, however, was
$333, 614 SOB more, and the net aver
age income increased from $5,496. 7a
in 1927 to $6.196.S1 in 1928.
The average tax liability increased
from $2O2.52 to $2S399 while the
average tax rate went up from 1858
per cent to 4.62 per cent. The mil
liOnaire income class, however, paid
a tax of $1S5,14O,2 11 on a total income
of $1,1OS, S63,041, or an average of
1890 per cent.