Word: exempt
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Dates: during 1920-1929
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...cannot afford, for example, to invest in American railroads or industries or embark upon new enterprises in the face of taxes that wiill take 50% or more of any return, that may be realized. These taxpayers are withdrawing their capital from productive business and investing it instead in tax-exempt securities...
...growth of tax-exempt securities, which has resulted directly from the high rates of surtax, is at the same time encouraging extravagance and reckless expenditure on the part of local authorities...
...Mellon's argument: The Treasury will have a surplus this year. Income surtaxes should be scaled down from the present maximum of 50% to a maximum of 25%. This would not result in a corresponding reduction of Government income because capital would leave tax-exempt channels and be placed in taxable investments; e. g., if a man's tax rate, now 50%, were changed to 25%, a 6% industrial security would yield 4.5% as opposed to, say, 4% for tax-free securities, and he would invest in the former...
...Less extravagance on the part of local governments which now find it extremely easy to borrow on their tax-exempt securities...
...additional inheritance tax on tax-exempt securities and a denial of deductions in income from such securities...