HOME   SOCIALCRITICISM LIBRARY   TABLE OF CONTENTS   APPENDIX B


APPENDIX A

 

                   LARGEST NET TAXABLE INCOMES SINCE 1940                            (AFTER DEDUCTIONS)                         1940*     1945**   1950#    1955##   1960'   1961"$1 million plus             49       71      219      267      306     398$500,000 to $1 million     112      258      623      628      735     985$300,000-$500,000          252      528    1,290$200,000-$500,000                                   4,022    4,848   6,104$150,000-$300,000        1,066    2,871    6,716$150,                                               3,946    4,413   5,457$100,000-$150,000        1,866    5,530   11,564   12,260   14,221  16,786$ 50,000-$100,000       10,285   33,495   62,689   77,604  101,272  110,476$ 25,000-$ 50,000       36,176  120,220  220,107  190,707  441,401  496,591                        49,806  162,973  303,208  289,434  557,196  626,797

   In 1963 in New York State alone there were seventy-three incomesof $1 million or more ( New York Times, February 20,1965; 27: 1).

          AGGREGATE NET TAXABLE INCOME OF LARGEST INCOMES        $1 Million-Plus Income         $500,000 to $1 Million Income1940*         $ 87,746,000                    $ 74,170,0001945**        $105,184,000                    $146,657,0001950#         $374,670,000                    $361,529,0001955##        $452,713,000                    $335,849,0001960'         $455,501,000                    $383,080,0001961"         $589,220,000                    $520,171,000

  * Statistics of Income for 1940, Part I; UnitedStates Treasury Department, Bureau of Internal Revenue, p. 10.

  ** Statistics of Income for 1945, Part I; UnitedStates Treasury Department, Bureau of Internal Revenue, pp. 21-22.

  # Statistics of Income for 1950, Part I (Preliminary);United States Treasury Department, Bureau of Internal Revenue, pp. 14-27.

  ## Statistics of Income: 1955; United StatesTreasury Department, Bureau of Internal Revenue, pp. 18-24.

  ' Statistics of Income. 1960 (Preliminary);United States Treasury Department, Bureau of Internal Revenue, pp. 15-21.

  " Statistics of Income: 1961 (Preliminary);United States Treasury Department, Bureau of Internal Revenue, p. 14.



   The main sources of aggregate incomes exceeding $1 millionare as follows (all references from the Treasury Department's Statistics of Incomefor each year):

                                                        Partnership          Salaries      Dividends        Interest         Profit1940    $ 1,499,000   $ 60,561,000     $ 1,290,000      $ 1,301,0001945    $ 1,752,000   $ 53,336,000     (included in     $ 8,013,000                                         dividends)1950    $ 7,693,000   $179,203,000     $ 6,148,000      $ 7,923,0001955    $ 7,836,000   $286,158,000     $ 6,146,000      $11,613,0001960    $12,766,000   $274,848,000     $ 9,648,000      $ 6,588,0001961    $18,607,000   $259,574,000     $ 8,754,000      $10,503,0001962    $13,789,000   $276,946,000     $ 9,490,000      $ 3,607,000        From Trust     Rents and         Funds         Royalties       Business Loss   Capital Gain1940    $27,624,000   $    115,000     $ 1,711,000      $12,113,000                                        (minimum)1945     18,439,000   $  1,940,000     $ 3,462,000      $37,068,000                                         (profit)1950    $94,943,000   $  4,846,000     $ 1,031,000      $31,245,000                                         (profit)1955    $ 5,005,000*  $  4,095,000     $ 3,208,000     $248,099,000*1960    $ 3,966,000   $  2,351,000     $ 7,345,000     $285,335,0001961    $ 3,163,000   $  2,371,000     $ 7,915,000     $434,272,0001962    $ 3,431,000   $  3,837,000     $ 3,289,000     $367,303,000           Main Sources of Incomes $500,000 to $1 Million                                                         Partnership          Salaries      Dividends        Interest          Profit1940    $ 3,110,000   $ 45,187,000     $ 1,994,000      $   921,0001945    $ 7,545,000   $ 58,476,000     (included in    $ 23,720,000                                        dividends)1950    $27,827,000   $158,822,000     $ 7,035,000     $  3,848,0001955    $31,409,000   $187,071,000     $ 6,483,000     $ 15,393,0001960    $31,674,000   $193,660,000     $10,620,000     $  7,052,0001961    $38,868,000   $216,469,000     $13,035,000     $ 21,662,0001962    $37,378,000   $201,352,000     $13,898,000     $  6,094,000       From Trust      Rents and         Business          Capital         Funds         Royalties          Profit             Gain 1940   $20,291,000    $ 1,286,000     $ 1,958,000       $ 12,550,0001945   $20,983,000    $ 1,004,000     $ 4,631,000       $ 53,451,0001950   $64,426,000    $ 7,546,000     $ 3,848,000       $132,287,0001955   $ 4,765,000*   $ 6,439,000     $ 6,964,000(L)    $171,594,000*1960   $ 4,807,000    $ 5,314,000     $ 6,735,000(L)    $239,392,0001961   $ 6,325,000    $ 4,554,000     $ 8,211,000(L)    $357,066,0001962   $ 4,829,000    $ 9,460,000     $ 8,791,000(L)    $274,079,000

   (Omitted: Sales of noncapital property, receiptsfrom annuities and pensions and miscellaneous small items.)

   * Between 1950 and 1955 the Treasury Departmentchanged its method of reporting trust-fund income. While it previously reported thecapital gains of trust funds as part of trust-fund income, it decided to report suchcapital gains in the total of capital gains, thus diminishing the reported incomeof large trust funds. In order to show the full participation of trust funds, thecapital gains accruing to them should be specifically shown. It will be noticed thatin 1950 trust-fund income was three times all capital gain income but by 1955, withthe removal of trust-fund capital gains to the capital gain column, trust-fund incomewas only about 2 per cent of capital gain income. Most of the sudden rise in capitalgain totals came about because most of these capital gains came from trust funds.