Word: exempt
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Assistant Attorney General Thurman Arnold brought criminal action against the Carpenters on the grounds of interference with interstate commerce, argued that unions are subject to the Sherman antitrust act. Justice Frankfurter held instead that the 1914 Clayton Act and the 1932 Norris-LaGuardia Act tended to exempt unions from anti-trust law, granted labor immunity from anti-trust prosecution no matter how directly their jurisdictional disputes operate in restraint of trade...
...particular proposals for incentive taxation to encourage production, the executives gave three substantial votes of approval: revise the excess-profits tax to exempt profits up to 5% of a company's gross, apply a sliding scale thereafter (favored by 43.3%); tax land improvements at a lower rate than land itself (40.1%); tax income from bond interest more than income from dividends (33.9%). Altogether 78% voted for at least one of the five incentive taxation proposals, more than 50% voted for two or more. If Business was willing to swallow more & bigger taxes, it also wanted a new conception...
...profits taxes* (not a straight-out increase in regular corporate income-tax rates); another increase in surtax rates on incomes, probably on those in the so-called "savings" brackets, between $15,000 and $500,000. In the making, taxperts guessed, was some bludgeon being tooled to club upstanding tax-exempt securities into an abject state of taxation...
Everybody would like a pay-as-you-go policy. The virtually insuperable problem: where to get the money. Only two major untapped revenue sources were open. One was the direct means of lowering exemptions and raising rates on lower-income groups, as per Mr. Taft's proposal. Another was the indirect means of ceasing to issue tax-exempt securities. Net total of tax-exempt securities (Federal, State, local) is now some...
...Government security is completely taxable. Some are partially, some totally exempt...