Word: exemption
(lookup in dictionary)
(lookup stats)
Dates: during 1920-1929
Sort By: most recent first
(reverse)
This leaves a net reduction of taxation for these rich people of only $5,775,000-but even this reduction does not stand. With surtaxes reduced to a maximum of 25%, it will be more profitable for these people to withdraw their money from tax exempt securities (having a low yield) and place it in taxable securities with a high yield. It is estimated that $54,000,000,000 (one-fifth) of the nation's wealth is invested in these tax free securities, held in large part by these people. With part of this invested in properties whose income...
...Exempt Securities?"Another reform which is urgent in our fiscal system is the abolition of the right to issue tax-exempt securities. The existing system not only permits a large amount of the wealth of the nation to escape its just burden, but acts as a continual stimulant to municipal extravagance...
Before them was presented The Pilgrims of 1924. Afterwards Calvin Coolidge, Sr., spoke? not to mention Colonel Harvey and Magnus Johnson. But their words in this company must remain unknown, partaking of the nature of professional confidences, exempt from repetition before the public. What passed in those confines is not to be revealed in history...
...Mellon in answer to the argument of the radicals who say that by lowering the surtaxes 23,000 millionaires will be relieved of taxes that they ought to bear. Mr Mellon's figures show how high surtaxes drive people with large incomes to invest their capital in tax-exempt securities and so actually reduce the income tax revenue from large incomes. The figures are for incomes over...
...Limit the deductions from gross income for interest paid during the year and for losses not of a business character to the amount the sum of these items exceeds tax-exempt income of the taxpayer...