Taxing The Rich 1929 Style

Income: $600,640,846
Federal Tax: $ 98,657,237
% Taxed: 16.4%

Twenty-million-dollar assets produce million-dollar incomes. Last week the Treasury's Bureau of Internal Revenue reported some facts about U. S. millionaires gathered during the 1927 tax year:

¶Two hundred ninety citizens (including 23 married women, three spinsters) had million-dollar-or-more incomes. (In 1922 there were 67; in 1926, 231.) From their combined income of $600,640,846,, the U. S. took $98,657,237 as taxes. New York had 136 million-dollar-income-tax-payers, Pennsylvania 34, Illinois 25, Michigan 18. Million-a-year men were lacking in 23 states.

Eleven taxpayers had incomes of five million or more per year— seven in New York, one each in New Jersey, Pennsylvania, Illinois, Wisconsin. By some twist the Michigan Fords, Henry and Edsel, dropped out of the topmost income bracket. Possible explanation: reduced income due to bringing out Model A.

Incomes by states showed New York, No. 1 (net: $5,398,451,005; tax paid: $305,210,059). North Dakota, No. 48 (net: $33,252,341; tax paid: $187,635).

From the 11/11/1929 issue of Time