Word: tax-exempt
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Dates: during 1923-1923
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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...
...tendency to become unproductive of revenue, is not confined to the very highest surtax rates. The tendency is characteristic of all the surtax classes where the rate is high enough to induce evasion of the burden by investment in tax-exempt securities and availing of other methods of avoiding payment of the higher rates. The following table, which, while not official, is compiled from the official Statistics of Income published by the Bureau of Internal Revenue, shows clearly the dwindling of taxable incomes of $100,000 a year or more, and the tax derived from them. *Percent *Percent *Percent...
...such fashion and at such times as to accomplish a maximum reduction of taxable income; the exploitation of certain features of the law such as the provision contained in Section 202 of the Revenue Act of 1921 relating to exchanges of securities; but finally and most important, investment in tax-exempt securities...
...amendment that would prevent issuance of tax-exempt securities...