67 US incomes at million mark (1921)

67 US incomes at million mark

Only one listed as having $5,000,000 or more yearly in tax audit.

Among 67 persons in the United States rated as having incomes of 1,000,000 and upward, only one is listed by the government as having an income of $5,000,000 and over, according to revised audit of 1918 tax returns, announced today by the Internal Revenue Bureau.

Who the millionaires and multi-millionaires are is not disclosed by the bureau on the ground that tax returns are confidential, and the law requires that the details such returns contain shall not be divulged.

The bureau, it is said, can make no accurate compilation of the total number of American millionaires who paid income tax in 1918. Officials explained that many in that class showed varying incomes. Some reputed millionaires reported net incomes, for example, as low as sums ranging from $200,000 to $500,000. Altogether there were 243 officially listed as in the class having incomes of from $500,000 upward to $5,000,000 and more.

The total amount of not income eported by the 4,425,114, who filed personal returns was $15,924,639,355, and government collected in taxes, both normal and surtaxes, $1,127,721,835. The average tax per individual was $254.85. The 1918 returns showed an increase in number of 952,224 over the filings in 1917, and an increase of $436,228,881 in the tax collected.

Corporations income tax returns numbered 317,579, with a total tax of $3,158,764,422. Of this amount, war profits and excess profits taxes amounted to $2,505,565.939.

 

Top image of a 1918 1040 income tax return thanks to Tax History Project

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