Word: exempted
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...have to come from those with middle-and lower-bracket incomes because they form the majority of the population. But it would hardly "soak the poor," since food and housing and medical expenses, on which the lowest-income families spend as much as 65% of their earnings, would be exempt under all proposed plans. Instead, the biggest dent, dollarwise, would be made on those who have the most to spend on nonessentials. As for a pyramiding of the tax, Congress could easily prevent this by requiring retailers to leave out the tax when computing markups. The tax might restrict sales...
...bill granting relief from federal taxes to movie theaters-TIME, Aug. 17). The President plugged a tax loophole through which movie stars have avoided paying income taxes by staying outside the U.S. for an 18-month period. The amended bill limits to $20,000 the amount of tax-exempt earnings within an 18-month period, and will probably do much to bring movie stars, writers and producers home...
When Premier David Ben-Gurion set out to draft women into the Israel army four years ago, extremist leaders forced him to exempt Orthodox girls. Soon 30% of all girls called up blithely claimed to be Orthodox. Last year Ben-Gurion wrote a new bill which would draft Orthodox girls for work on farms, in hospitals and in immigrant camps, instead of the army. The new bill would not force ultra-Orthodox girls to wear the "unmaidenly" Israeli women's army uniforms, and would let them return to their own homes at night. Moreover, they would not be controlled...
...hope of turning out 200 a month to sell at 150,000 pesetas ($3,750). The only sizable automaker in Spain, Fiat will have the Spanish car market virtually sewed up, since no other automaker can afford Spain's 40% excise taxes, from which Seat will eventually be exempt. Fiat also landed a $22.5 million U.S. Air Force contract to assemble F-86 Sabre jets under 10-year license from North American Aviation Inc., the first such order placed on the Continent...
...George Humphrey has already asked the House Ways & Means Committee to correct the "many conspicuous abuses [of the tax law] by highly paid individuals." And two bills to repeal the "Hollywood clause" have been introduced. But protests have already been heard from engineering firms and mining companies. Probable solution: exempt the first $20,000 earned overseas, tax the rest at regular rates...