Word: exempt
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...rich?those with very large assets?do not actually pay the confiscatory top rates. The rich can arrange matters so that the money rolls in to them in forms that are partly or entirely sheltered from income tax, such as capital gains, royalties from oil properties, interest from tax-exempt municipal bonds. In 1961 a total of 306 U.S. taxpayers filed returns showing an adjusted gross income of $1,000,000 or more. Their adjusted gross income added up to $611,273,000, their total income tax to $280,525,000, or an average of about...
Quicker than he might have thought, Holden is going to be challenged to put up or shove off. Under new, tax regulations effective Jan. 1, 1963, U.S. citizens living abroad will no longer be totally exempt from taxation on money earned overseas. Actually a maximum of $35,000 can still be clear, but that's all. Holden will probably stick by his loyalty to Switzerland anyway. Where else could he have George Sanders, Gregory Peck, Charlie Chaplin, Yul Brynner. Mel Ferrer, Audrey Hepburn, Elizabeth Taylor, Richard Burton, Stewart Granger, Gina Lollobrigida, Peter Ustinov, Noel Coward, David Niven, Jack Palance...
...reserved the right to accept or reject any of the bids for the now tax-exempt land, and it seems very unlikely that Roche's client will be awarded the sale. The City Council will support whichever will bring the greatest amount of revenue to Cambridge, but MTA officials apear more interested in the feasability of the various proposals and the immediacy of payment...
...overseer of the seminars once they got under way, approved thoroughly, like the educational pluralist he was. Nobody, in fact, controlled them at all--if one discounts the passive Advanced Standing Office that actually decided only technical points, and the General Education Committee that had to determine how to exempt Freshmen from requirements long before it could discover whether their seminars really satisfied them. "To let a significant experiment which seems to have monopolized the experience of participators proceed without from," the CRIMSON sourly commented in April, "is to commit the College to a policy by default...
...President, with Robert Ryan in the title role and Nanette Fabray as First Lady, is a taste-exempt musical that is bulging with more than $2,600,000 in advance-ticket-sale swag. The patrons of its 385 theater parties (largely benefit affairs) may redefine playgoing for charity as "painful giving...