Word: surtaxable
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...should be possible from a revenue standpoint to have a maximum normal and surtax combined of 25%. The Treasury thinks, therefore, that 20% is the highest surtax rate which should...
Senator Copeland of New York: $500,000,000 and a maximum surtax...
Congressman Martin B. Madden of Illinois: $350,000,000 and a maximum surtax...
With further surtax and income-tax reductions apparently slated for adoption during the next Congress, the old subject of tax-free securities may lose its former significance. The National Industrial Conference Board has estimated that on July 1 last about $14,000,000,000 of such tax-free bonds were outstanding in the hands of investors- 13.6% more than on Dec. 31, 1923, and 242% more than on Dec. 31, 1912. The July 1, 1925, figure included about $2,750,000,000 of Liberty Bonds...
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...