Millionaires

Last week the Treasury published income tax figures for 1929, the year Prosperity both reached its peak and crashed to Depression. Prime fact revealed was that in the golden year of 1929, no less than 504 citizens had incomes of $1,000,000 or more and paid 18% of the total Federal income tax. In this millionaire group were 36 super-millionaires whose income exceeded $5,000,000.

Returns filed by 4,034,702 persons (of whom only 2,465,385 paid taxes) showed their incomes falling into these classes: Under-- $5.000 3,065,701 $5,000-- $10,000 597,247 $10,000-- $25,000 269,700 $25,000-- $50,000 63,404 $50,000-- $100,000 23.949 $100,000-- $300,000 11,608 $300.000-- $500,000 1,622 $500,000--$1,000,000 967 The "Under $5,000" class had the biggest income ($8,282,000,000), paid the smallest share of the total tax (4%). Total income reported by all classes: $24,519,296,977.

According to the Treasury's figures, the Stockmarket's rise and fall in 1929 produced speculative profits of $2,239,763,714 and losses of $661,733,366. In the "millionaire" class, stockmarket winners took a net profit of $92,000,000, losers a net loss of $48,000,000. Total net winnings and losings were heaviest in the $25,000-per-year income class.

This file is automatically generated by a robot program, so reader's discretion is required.