Word: surtaxable
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Residents of one state who study at a state university in another state are frequently charged extra, but the surtax on foreign students is a comparatively new departure, which has been subjected to hostile criticism on the ground that it is detrimental to America's international influence and associations...
...Although there was a falling off in the income and profits taxes, the lowering of the income surtax from 63% to 50% maximum has apparently resulted in more revenue, as Secretary Mellon predicted. Income taxes for the quarters ending March 30 and June 30, 1923, were $464,684,211 and $352,966,763 respectively; for corresponding periods...
...Secretary's argument is simple. He is not anxious to take money out of people's pockets, whoever they be; he is anxious to put money into the Government's pocket. He believes that decreasing surtaxes is the way to do this, and points with considerable justification to increased Government revenue this year which has followed the reduction of maximum surtaxes from 65% to 50% and the abolition of the excess profits tax. The reason for this, he believes, is less tax evasion either by falsification of returns or by investment in tax-exempt securities, non-productive...
...Surtax Must be Reduced...
...vice of the situation lies in the existence of high surtaxes in conjunction with the continued issuance of tax-exempt securities. Adoption of a constitutional amendment to restrict further issues of tax-exempt securities, coupled with legislation closing the gaps in the income law, is a 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...