Kankakee Valley Post, Volume 2, Number 25, DeMotte, Jasper County, 12 January 1933 — BIG INCOMES HAVE DECLINED SHARPLY [ARTICLE]

BIG INCOMES HAVE DECLINED SHARPLY

Only 3,142 Get More Than SIOO,OOO a Year in U. S.

Washington.—That group of American citizens who pay about 97 per cent of the income taxes collected by the federal government—citizens whose incomes are more than SIOO,OOO a year—have sharply declined during the last four years, reports the Treasury department. In 1928 there were 15,780 persons with incomes in excess of $190,000. Today there are about 3,142. Taxes collected on the incomes of persons in this group totaled $107,896,000< last year, as compared with $237,716,000 the previous year. The number of taxpayers having net incomes of $5,000 or more declined 27.1 per cent, and the taxes dropped 49.4 per cent, with 566,120 persons paying $238,933,000. The net incomes of these persons decreased from $16,299,000,000 in 1928 to $10,199,000,000 in 1930 and to $6,489,(XX),000 in 1931. Income from sale of real estate and stock dropped from $11,843,000,000 in 1928 to $550,000,000 in 1931, while losses deducted increased from $170,000.000 in 1928 to 8978,000.000 in 1930 and to $989,000,000 in 1931. Income from salaries and commissions droppcsl from $4,790,000,000 in 1928 to $4.159,000.(H)0 in 1930 and to $3,154,000,000 in 1931. Dividends decreased from $3,929,000.000 In 1928 to $3,622,000,000 in 1930 and to $3,151,990,000 in 1931. Businesses and partnerships which reported incomes of $3,291,000^000 in 1928 decreased to $1,974,000,00() in 1930 and dropped to $1,236,000,000 in 1931, according to department figures.