Word: exemption
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Dates: during 1920-1929
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...That there is no shortage of capital in industry traceable to the high surtaxes' forcing money into tax exempt securities...
...That the falling off of surtax revenues in 1921 (the last year of the 73% maximum tax) was not due to more investment in tax exempt securities but to losses sustained by business in that year...
...That the amount of tax exempt securities outstanding is not great enough to have much effect on revenues, being only about 8% of total securities. [This figure of Mr. Couzens' must be revised in the light of the above figures of tax exempt securities. Mr. Couzens calculated in the belief that $11,000,000,000 of tax exempt securities were outstanding...
...That many men who invest in tax-exempt securities do so not in order to escape taxes but in order to escape business responsibilities and risks...
...Limitation of deductions from gross income for interest paid and for losses of a nonbusiness character to the amount that these items exceed tax exempt income. It was the practice of the very rich to borrow money and invest it in tax exempt securities; thus they could deduct the interest from their net taxable income and also get untaxable profits from their investments. This was made illegal by the Act of 1921. The law is still easily evaded, however, because it is possible for a man to invest his regular income and borrow for his living expenses and other purposes...