HOME SOCIAL CRITICISM 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 incomes of $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 Income
1940* $ 87,746,000 $ 74,170,000
1945** $105,184,000 $146,657,000
1950# $374,670,000 $361,529,000
1955## $452,713,000 $335,849,000
1960' $455,501,000 $383,080,000
1961" $589,220,000 $520,171,000
* Statistics of Income for 1940, Part I; United States Treasury Department, Bureau of Internal Revenue, p. 10.
** Statistics of Income for 1945, Part I; United States 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 States Treasury 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 million
are as follows (all references from the Treasury Department's Statistics of Income
for each year):
Partnership
Salaries Dividends Interest Profit
1940 $ 1,499,000 $ 60,561,000 $ 1,290,000 $ 1,301,000
1945 $ 1,752,000 $ 53,336,000 (included in $ 8,013,000
dividends)
1950 $ 7,693,000 $179,203,000 $ 6,148,000 $ 7,923,000
1955 $ 7,836,000 $286,158,000 $ 6,146,000 $11,613,000
1960 $12,766,000 $274,848,000 $ 9,648,000 $ 6,588,000
1961 $18,607,000 $259,574,000 $ 8,754,000 $10,503,000
1962 $13,789,000 $276,946,000 $ 9,490,000 $ 3,607,000
From Trust Rents and
Funds Royalties Business Loss Capital Gain
1940 $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 $285,335,000
1961 $ 3,163,000 $ 2,371,000 $ 7,915,000 $434,272,000
1962 $ 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 Profit
1940 $ 3,110,000 $ 45,187,000 $ 1,994,000 $ 921,000
1945 $ 7,545,000 $ 58,476,000 (included in $ 23,720,000
dividends)
1950 $27,827,000 $158,822,000 $ 7,035,000 $ 3,848,000
1955 $31,409,000 $187,071,000 $ 6,483,000 $ 15,393,000
1960 $31,674,000 $193,660,000 $10,620,000 $ 7,052,000
1961 $38,868,000 $216,469,000 $13,035,000 $ 21,662,000
1962 $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 $ 12,550,000
1945 $20,983,000 $ 1,004,000 $ 4,631,000 $ 53,451,000
1950 $64,426,000 $ 7,546,000 $ 3,848,000 $132,287,000
1955 $ 4,765,000* $ 6,439,000 $ 6,964,000(L) $171,594,000*
1960 $ 4,807,000 $ 5,314,000 $ 6,735,000(L) $239,392,000
1961 $ 6,325,000 $ 4,554,000 $ 8,211,000(L) $357,066,000
1962 $ 4,829,000 $ 9,460,000 $ 8,791,000(L) $274,079,000
(Omitted: Sales of noncapital property, receipts from annuities and pensions and miscellaneous small items.)
* Between 1950 and 1955 the Treasury Department changed its method of reporting trust-fund income. While it previously reported the capital gains of trust funds as part of trust-fund income, it decided to report such capital gains in the total of capital gains, thus diminishing the reported income of large trust funds. In order to show the full participation of trust funds, the capital gains accruing to them should be specifically shown. It will be noticed that in 1950 trust-fund income was three times all capital gain income but by 1955, with the removal of trust-fund capital gains to the capital gain column, trust-fund income was only about 2 per cent of capital gain income. Most of the sudden rise in capital gain totals came about because most of these capital gains came from trust funds.