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Tax Evasion by Riches Persists Under New Rates
A 1920s analysis cites Mellon data showing total incomes reported for taxation rose from 6.3 billion in 1916 to 19.6 billion in 1921, while incomes over 300000 fell from about 993 thousand to 13.7 thousand, as rich investors shift into tax exempt securities. The report asserts a $400 million annual tax loss to the federal government from such shifts, funded by lower income groups, and notes inheritance and stock patterns rising in tax avoidance. It warns of broader fiscal impact and political manipulation tied to proposed tax measures.
MENTIONED IN THIS ARTICLE
Mellon
Treasury Department
Aires
Treasury
Internal Revenue Bureanu
Internal Revenue Bureau
United States Treasury