Evening Republican, Volume 23, Number 281, Rensselaer, Jasper County, 24 November 1920 — INCOME TAX REPORT [ARTICLE]

INCOME TAX REPORT

Shows Increase of $2,272,000,000 in 1918 Over 1917. Show* Seventy-Four Fewer Millionaire* In the Corresponding Time of Tabulation. Washington, Nov. 22. —Despite the loss of. 74 members of mllllon-a-year income class, the taxable Income of the United States increased in 1918 by over $2,272,000,000, as compared. with 1917, according to the income statistics issued by the bureau of internal revenue. Income reported for 1918 amounted to $15,924,639,855, against about $lB,700,000,000 in 1917, although 141 persons filed returns for incomes of sl,000,000 or over in 1917 and only 67 In 1918. Personal returns filed during 1918 numbered 4,425,114 and the tax, both normal and surtax, amounted to sl,127,721,835. The average tax for each individual was 254.85. As competed with 1917. a growth of 952,284 was dhown In the number of returns filed. The increase in the total tax was $484,228,881. Returns for Incomes of from $500,000 to $1,000,000 were filed by 178 persons, while 1,516,938 persons filed returns tor incomes from SI,OOO to $2,000. Incomes from $2,000 to SB,OOC were shown on 1,496,878 returns, and from $3,000 to $4,000 on 610,095 returns. For incomes of $6,000 to $lO,000, 319,356 filed returns and for incomes of. SIO,OOO to $15,000, 69,992 returned statements. Over 80,000 persons made returns on Incomes of from $15,000 to $20,000 and 16,000 on Incomes of from $20,000 to $25,000, while 9,996 persons reported incomes of from $50,000 to SIOO,OOO, and 2,358 made returns tot Incomes between SIOO,OOO and $150,000. The largest tax, amounting to $147,428,655, was collected on incomes of from $50,000 to SIOO,OOO, with $142,448,679 collected on incomes of from SIO,OOO to $25,000 next. Incomes between SI,OOO and $2,000 paid $26,481,000.