Word: investive
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Dates: during 1920-1929
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...argument: The Treasury will have a surplus this year. Income surtaxes should be scaled down from the present maximum of 50% to a maximum of 25%. This would not result in a corresponding reduction of Government income because capital would leave tax-exempt channels and be placed in taxable investments; e. g., if a man's tax rate, now 50%, were changed to 25%, a 6% industrial security would yield 4.5% as opposed to, say, 4% for tax-free securities, and he would invest in the former...
...Klan, according to the editor of the Fiery Cross, intends to invest $500,000 in the plant and to raise a similar amount toward a permanent endowment. The curriculum will be modelled on the standard college course, arid the full quota of degrees will be given...
...these about $8,500,000,000 are state, county, and municipal bonds. It is estimated that state and municipal securities are now being issued at the rate of one billion dollars a year. Here is a ready refuge from surtaxes. A taxpayer in the highest surtax class can now invest in a tax-exempt state or municipal bond paying 5 per cent interest and obtain the same net return as from a surtaxable stock paying dividends of 10 per cent. The average commercial bond, which is subject to normal tax as well as surtax, must pay slightly more, about...
...final but far from immediate solution. And it will not eliminate tax-exempt state and municipal bonds now outstanding. Awaiting their retirement will postpone the date of complete solution. Only reduction by Act of Congress of the surtax rates to a level at which the inducement to invest in tax-exempt securities becomes negligible will destroy immediately and completely the tax-exempt evil, and reduction is logically the net step in the lightening of the tax burden imposed upon the country...
...reason for his belief is that high surtaxes drive wealthy men to invest their money in tax-free securities and non-productive enterprises, and to seek every permissible means of avoiding the realization of taxable income. The result is an unsound industrial condition and actually a decrease in revenue...