Word: tax-exempt
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...present $10,500 level) and scaled upward to a maximum of 40% on more than $100,000. The House finally knocked out the 65% maximum surtax on incomes of more than $5,000,000 after the Treasury had convinced it that such a rate would only drive capital into tax-exempt securities. The principal effects of these new tax rates which were expected to raise $122,000,000 more revenue were to bring a million or so small-salaried citizens within the law's scope (the Treasury calls it "broadening the tax base") and to cut more heavily into...
...critical financial state of New Haven gives pertinence to a problem which for long has confronted universities and local governments. The New Haven authorities have threatened Yale with special legislation to annul the tax-exempt features of its charter, unless the university voluntarily contributes in the present emergency. In view of the fact that Yale has been accused of securing unjust exemptions, the possibility takes on extra force. The university golf-course, according to press reports, has been transformed by academic magic into a botanical gardon. Dormitories and gymnasiums have received the addition of recitation rooms, in order to justify...
Largest refund: Carnegie Steel Co. (U. S. steel subsidiary), $25,847,259. Insurance companies collected some 35 millions from the Treasury as a result of a recent Supreme Court interpretation of income from tax-exempt securities held by such companies...
...more practical side of the question it is clear that $50,000,000 worth of tax-exempt property presents an acute financial problem to Cambridge. Taxes are pushed up not only for the business and industrial interests but for all the residents of the city, who include the great majority of the Harvard teaching body. Toward alleviating this burden the University has done everything possible in past years to cooperate with the municipal authorities. In 1902 when the University had occasion to widen De Wolfe Street, President Eliot remarked that from then on Harvard had no intentions of attempting...
...pages to argument or appeal. She believes that churches should pay taxes upon all land and buildings not used as places of worship, and that colleges should pay taxes upon their real estate, especially upon dormitories used for the housing of students, many of whom come from outside the state. For example, 90 per cent of the students at the Harvard business school are from outside the state. She does not believe, for example, that the Salvation Army should invest in tax-exempt real estate here in Massachusetts $1,000,000 given it for the relief of the poor...