Word: tax-exempt
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...reduction in the number of individuals in the country actually having excess of $300,000 a year, or in the total actual net income for such individuals, but that individuals actually enjoying such income have, by various methods of reducing net income under the law (including investment in tax-exempt securities), translated themselves from the upper to the lower surtax classes, and in some cases probably avoided the payment of income taxes altogether. In this way the surtaxes are gradually defeating their own purpose and the high rates are becoming ineffective because of the steady disappearance of the taxable incomes...
...amendment that would prevent issuance of tax-exempt securities...