Word: exempted
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...encourage productive enterprises, especially for the smaller businesses, must not extend to the point of using the corporate form for the purpose of hiding behind it." Almost simultaneously with the reading of the President's message, the House Ways and Means Sub-Committee on taxation agreed to exempt corporations with net incomes of $5,000 or less from the undistributed profits...
...days, has done more than its share in causing lack of confidence and bringing on the present recession. Both taxes together have accomplished just what the lone band of opponents in Congress said they would accomplish: they have frightened capital away from investment in industry to investment in tax exempt securities, they have retarded greatly the development of new industries and expansion to old, and they have darkened the future by extinguishing all confidence in what the morrow may bring...
...prime tenet. To the Mellon mind taxation was simply a device for raising revenue. As a businessman he knew it unwise to charge more than the traffic would bear and it was his theory that high surtaxes reduce revenue by driving capital to take refuge in tax-exempt bonds and other devices for avoiding taxes...
...Florida several years ago the Legislature, by constitutional amendment designed to attract new industries to the State, exempted a list of manufacturers from ad valorem taxes, State, county or local, for 15 years after establishment. Included were manufacturers of "steel vessels." Later Florida's Supreme Court ruled that tin can manufacturers were exempt because a tin can is a steel vessel tincoated. Last week County Attorney J. W. Cone of Tampa ruled the Tampa Shipbuilding & Engineering Co. not exempt from taxation because their RFC-financed, 10,000-ton drydock is not exclusively or chiefly used for the manufacture...
...Unfavorable reaction to the new pact last week came from the Pennsylvania Coal industry whose United Mine Workers and mine operators let out a howl in unison. Both were alarmed because, in carrying out Secretary Hull's policy of building up foreign trade, the agreement was expected to exempt Soviet coal and coke from a special $2-a-ton tax, assessed under the Revenue Act of 1932. The coal industry's alarm diminished promptly when the Soviet Government saluted the agreement by announcing that coal exports to the U. S. next year will not exceed 400,000 tons...