Word: exempt
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Dates: during 1960-1969
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...businessman. The Justice's bitterness was aimed at the Internal Revenue Service, which has been investigating the Parvin Foundation's finances for the past three years. Apparently Douglas believed that IRS agents were more intent on embarrassing him than on checking into the foundation's tax-exempt status...
Banks last week charged government bond dealers as much as 10% a year for loans to finance their holdings of securities. Interest rates on tax-exempt local bonds reached new peaks. Cobb County, Ga., for example, paid 6.49% interest to float an issue. A block of Government-guaranteed local public-housing bonds was offered to investors at a record annual yield of 5.55%. For a person in the 50% federal income-tax bracket, that is the equivalent of an 11% return before taxes on ordinary stocks or bonds...
...receiving at the same time, higher vocational training. After this period only those would go to universities who really wish to do so, while the rest would feel a much greater stake in a society that they helped rebuild. This would also do away with the exemption of college students which, in connection with the war in Vietnam, is behind so much of the student unrest. For example, if I am exempt from service when others are not, I can live in peace with myself only if I am convinced this is a vile...
...Exempt...
...trust income. Another target is "multiple subsidiaries"-a method by which some companies split up into myriad separate firms to take advantage of the lower tax rates (22% v. 48%) imposed on businesses with less than $25,000 income. Nixon also took aim at some wild abuses by tax-exempt organizations. Among other things, private foundations would be required to substantiate their charitable activities and be barred from financial dealings with contributors, directors or other insiders. The investment income of social clubs and other tax-exempt organizations would be taxed. Churches would have to pay taxes on income earned...