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Henderson Daily Dispatch
Henderson, Vance County, North Carolina
What is this article about?
Washington, March 15 - Treasury receives reduced income tax returns for 1931 earnings, showing income shrinkage due to depression; expects up to $200M in first quarter payments and $800M total for year, with 2M payers vs 2.5M previous year.
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Number of Tax-Payers and Amounts Due Both Reduced by Depression Year 1931
200 MILLIONS FOR QUARTER EXPECTED Means Maximum Expectations of Government for Year Will Be Around $800,000,000; Half Million Fewer Payers in Sight For Year's Returns
Washington, March 15.(AP)—From a much reduced army of income tax payers, the Treasury today received returns on the earnings of last year, learning for the first time just how great an income shrinkage has occurred since the years of booming prosperity.
The government will be lucky, officials believe, if the first quarter payments, which must be made with the returns by the deadline of midnight tonight, amount to as much as $200,000,000. This means their maximum expectations for 1931 income taxes is not far from $800,000,000.
Not more than 2,000,000 persons are expected to pay this year, while a year ago approximately 2,500,000 contributed.
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Domestic News Details
Primary Location
Washington
Event Date
March 15
Outcome
expected $800,000,000 total income taxes for 1931; up to $200,000,000 in first quarter payments; approximately 2,000,000 payers compared to 2,500,000 the previous year.
Event Details
Treasury receives income tax returns for 1931 earnings from reduced number of payers, revealing income shrinkage since prosperity years; deadline midnight tonight for first quarter payments.