Word: exempted
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Even under the reduced income and surtax rates of 1924, a taxable bond would have to yield 8.33% to net an investor with $500,000 or more income as much as a 4½% tax-exempt bond. Nevertheless, the prospect of tax reductions in the near future has apparently dulled the edge of the investor's appetite for tax-exempt bonds, for sales during the first half of 1925 were less than for the same period...
...Exempt from income taxes all persons whose incomes are under...
...British delegation introduced a motion to exempt from the consideration of the Conference warships, submarines, airships, airplanes and tanks, all of which, on account of their size, cannot be sold secretly and therefore can be controlled by a system of licenses. Referred to committee...
...exempt real estate...
...corresponding increase in fellowships and scholarships granted by the University is to some extent an extenuating circumstance. It arranges matters so that the brilliant student at least is exempt from the common blight. It does not, however, reach the large number of men who plan to put themselves through college and who will be unable to devote their full time and energy to their scholastic work. These men cannot keep their grades up to the high standard necessary to obtain financial recognition from the University, because much of their time is occupied in earning enough money to keep them...