Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War — John Shaqi
Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
History
Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
League of Nations; Treaty of Versailles (1919 June 28); World War, 1914-1918; World War, 1914-1918 -- Economic aspects; World War, 1914-1918 -- Finance
According to a calculation published in the New York _World_ the war
revenue bill imposed a war tax of $80 on every man, woman and child in
the United States, or approximately $400 for each family. The amount
expected to be derived from each item is given in the following table:
Individual income tax $1,482,186,000
Corporation income tax 894,000,000
Excess and war profits 3,200,000,000
Estate tax 110,000,000
Transportation 164,550,000
Telegraph and telephone 16,000,000
Insurance 12,000,000
Admissions 100,000,000
Club dues 9,000,000
Excise, luxury, and semi-luxury 518,305,000
Beverages 1,137,600,000
Stamp taxes--chiefly documentary 32,000,000
Tobacco and products 341,204,000
Special business and
automobile-user's Taxes 165,607,000
--------------
Total $8,182,452,000
With the operation of this tax the people of the United States found it
no longer possible to speak in terms of opprobrium of the tax-ridden
people of Europe. The American income tax has a higher rate on large
incomes than that provided for under the English system. A man in the
United States with an income of $5,000,000 is taxed nearly 50 percent.,
more than in England. The New York _Tribune_ published tables printed
below comparing the income tax rates of the United States with those
existing in France and in Great Britain.
INCOME TAX COMPARISON
A compilation made for the _Wall Street Journal_ shows that the United
States income tax even with the increases made in 1918 was still far
lower than the English income tax:
"The great bulk, numerically, of incomes taxed in 1917 was in
the field reached by the lowering of the exemption in the 1917
law.... It is a fact, however, that no one of these new
taxpayers was called on to contribute more than $40 to the
government, as the rate was only 2 percent., while all other
incomes paid a basic normal tax of 4 percent. The lowest rate
for normal tax in Great Britain is 2 shillings and 3 pence on
the pound, or 11¼ percent., and the exemption is only $600. The
basic normal tax under the new English law is 6 shillings on
the pound, or 30 percent., on all incomes over $25,000.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account