Word: exempted
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...good to have the facts in order to refute those who feel universities are a drain on local economies," Harvard Financial Vice President Thomas O'Brien said. Private universities, including Harvard, often draw criticism from town governments because as non-profit institutions they are exempt from property taxes...
Shattuck said, "this area is fairly sophisticated about the issue of tax-exempt status," and said Cambridge receives a payment in lieu of taxes from Harvard, as well as direct taxes on some University real estate which is not considered exempt...
...confusion began last week, when Senator Bob Packwood of Oregon, chairman of the Senate Finance Committee, unveiled his tax-reform plan. Buried in the 250-page document was a two-sentence proposal to subject tax-exempt securities, like municipal bonds, to an "alternative minimum tax." The idea was that upper-income people who use municipal bonds as a shelter and pay little or no taxes would be subject to a 20% tax on the interest from the securities...
Indeed he does. Reaction was so intense that the Oregon Senator's colleagues urged him to back off. New York Senator Daniel Patrick Moynihan deplored the idea because it would levy the tax retroactively on bondholders who had bought securities under the assumption that they would be tax exempt. Minnesota Senator David Durenberger circulated a letter signed by himself and nine other Senators on the 20-member Finance Committee decrying the "devastating impact" of Packwood's provision...
...week's end even Packwood conceded that his plan was doomed, and a semblance of order returned to the bond market. Even so, interest rates were higher than many municipalities had expected. Milwaukee County called for bids on $17,450,000 in tax-exempt bonds, hoping to pay interest of no more than 6.71%. Instead, investors would go no lower than...