Word: empting
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Dates: during 1940-1949
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...still 24%. But the new bill added a 7% "surtax," lifts the effective rate to 31%. (For incomes of less than $25,000, it is 6% and 30%.) Purpose: to tap the income corporations get from their $31,000,000,000 investment in Government bonds. Such income is ex empt from "normal" taxes, subject to surtaxes...
...speech to the Boy Scouts, who were celebrating their 31st anniversary, made a statement that many a businessman would like to believe: "The Government cannot and should not pre-empt those fields of private endeavor that have become an indispensable part of life in America." This remark, so opposite to the oldtime Roosevelt denunciations of entrenched greed, gave color to reports of his new attitude of "sweet reasonableness" toward industry...