Smaller Incomes

The Census Bureau announced figures on the number of million dollar incomes in the United States as revealed by the income tax in 1921. There were only 21 such incomes in that year, although in 1920 there were 33; in 1919, 65; in 1918, 67; in 1917, 141.

The cause of decrease in the higher incomes was doubtless twofold: smaller dividends and more tax-free investments.

Other facts:

P:The average net income was $2,938.56 (the year previous it was $3,269.40).

P:Over 86% of the number of returns were from incomes between $1,000 and $5,000.

P:The States of New York, Pennsylvania and Illinois paid over half of the income tax.

P:The Government collected $719,000,000 in income taxes, as compared to $1,075,000,000 in the year previous.

P:Regarding as millionaires all people with incomes of $50,000 or over, Treasury officers calculate there were 11,069 millionaires.