Word: exempted
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...restrict but to emancipate the churches, not to impair but to protect religious faith. ... It does not mean that church and state, being mutually free, may not cooperate with one another. And it does not mean that the state acknowledges no God, or that the state is exempt from the moral law wherewith God sets the bounds of justice for nations as well as for individuals...
Taxes should be cut promptly. Incentive capital should be encouraged by permitting everyone to keep at least 50% of his income. At the same time, a 1½% service charge should be levied on big fortunes "embalmed in bank deposits" or in tax-exempt bonds...
...last month, according to the dope, it had earned $6.3 million profit, and expected to earn another $12 million in the last quarter. Furthermore, because of the 1946 losses, up to $19.3 million of this profit would be tax-exempt under the carry-forward provision...
...most U.S. railroads, the Reed-Bulwinkle Bill was a long-sought boon. It would exempt them from the antitrust laws. The railroads could agree among themselves on rates, as long as they were approved by the ICC. But to a handful of Senators, the bill was a camel's nose beneath the tent of antitrust legislation. They feared the whole camel would soon be inside...
...every organization in the United States . . . endorsed the bill I would still be against it ... it is vicious legislation." The talk was of railroads, said Barkley, but the bill applied also to water carriers, buses, trucks, pipelines and freight forwarders. It would "impose a transportation monopoly." Why not exempt U.S. Steel, Alcoa, Standard Oil and International Harvester...