Word: exempt
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
There are many tax laws, which, though justified 25 years ago, today grant unfair benefits to some and impose undue burdens on others. One such tax law, which the President has specifically mentioned, concerns abuses by tax-exempt private foundations. He did not, however, mention tax-exempt churches or charitable organizations, which practice similar abuses. A tax-exempt foundation or organization can run a profitable business, then use those tax-exempt profits to purchase another business...
...foundation, therefore, can often afford to pay a substantially higher price in acquiring businesses than a tax-paying enterprise. To eliminate this unfair advantage, the Treasury Department has recommended legislation requiring private foundations to dispose of substantial business interests which are unrelated to their exempt activities. Congress has not acted on the proposal...
...first time, Congress is investigating the U.S. newspaper industry in depth. The impetus is a pending bill that would exempt consolidating newspapers from antitrust laws if one of the papers is "failing" financially. Already under way for two weeks, hearings by Senator Philip Hart's Antitrust and Monopoly Subcommittee promise to be controversial-and prolonged. They may well outlast this session of Congress, as witnesses deliver not only their opinions of the bill but of the industry's troubles in general...
...popular theory is to blame all the Lampoon's woes upon last summer's issue, The Playboy Parody--a mercenary, bulky enterprise which netted over $150,000. According to lampologists, the poonies spent the next six months bickering over how to spend it all and still maintain their tax-exempt status. In the meantime they forget, or didn't care, about the high-quality humor of the good-old-day (which, by the way, not even the most ancient Cambridge observers can recall...
...Frills. After Douglas' defeat last fall, Wisconsin Democrat William Proxmire became the bill's chief sponsor. More flexible than his old friend and mentor, Proxmire facilitated passage by agreeing to exempt smaller transactions under the revolving-charge-account systems used by many department stores. The stores will still be able to state their "service charge" on unpaid balances as 1½% a month-instead of the pause-giving figure of 18% a year. Transactions in which the annual credit cost is less than $10 would be excluded, along with loans exceeding $25,000, and all first mortgages...