Word: taxed
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Dates: during 1930-1939
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Aside from reviewing over-the-counter market regulation, only major issue oi last week's gathering was the proposed elimination of tax-exempt securities. After hearing Chief Counsel John Philip Wenchel of the Bureau of Internal Revenue expound the New Deal doctrine that tax exemption should be ended in order to pump stagnant savings into use, then hearing Banker David Wood rebut with the standard argument that taxing tax-exempts would violate State rights, the assembled investment bankers resolved in favor of eliminating tax exemption on future issues. But this was no New Deal yessing, for banishing of tax...
...Favors Tax Exemption...
...touchy subject of tax exemption, guaranteed "forever" to Harvard in the constitution of Massachusetts, he said that "Harvard should receive the same treatment as the other educational and charitable institutions in the state." supporting the principle of tax exemption...
...question of the University's tax-exemption was a burning one at the turn of the century as well as today, and Hull remembers being assigned by his managing editor to go down to City Hall and get material for a special article on the subject. Nothing came of the agitation by Cambridge officials at this time...
Curley was shown a copy of the Constitution of the Commonwealth of Massachusetts guaranteeing the "powers, authorities, rights, liberties, privileges, immunities, and franchises" of Harvard College, and asked whether the state should not assume the burden of tax exemption which now resides with the municipalities...