Word: taxexempt
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Dates: during 1960-1969
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...securities have risen about 1/2 of 1% in the past year - to 3½ for short-term Treasury bills, and to 4% or more for longer-term issues. To further increase their income, the bankers have been switching increasingly from Government securities to municipal bonds, which are taxexempt. In the past year, they have boosted such investments by 23% , to nearly $23 billion...
...much potential revenue is involved. One study shows that church groups own 14% of all taxable property in Pennsylvania, 17% in Maryland, 18% in New Jersey. In other areas, churches own relatively little of total tax-exempt property; in Baltimore, for example, where $528 million worth of property is taxexempt, only $80 million worth is owned by churches (schools and hospitals account for much of the rest). Even so, few dispute the fact that church property is widely undervalued...
...result, wealthy Parisians let the paint peel from their houses, put, their Picassos in the attic, and claimed that their pedigreed poodles were used exclusively as watchdogs, which are taxexempt. (Le Fisc finally abandoned its hit-and-mistress methods this year.) When the inspectors started demanding taxpayers' financial records, artful Frenchmen from plumbers to landlords retaliated by insisting on cash for their services; the most fashionable doctor in Paris today would sooner vote for socialized medicine than accept a patient's check...
...greatly to the advantage of high bracket taxpayers to gather in money as capital gains rather than as fully taxable income, and figuring out ways of doing that is a principal preoccupation of high fee tax lawyers. Another heavily traveled road of avoidance is the use of taxexempt foundations to reduce tax liability. A businessman can set up a foundation in such a way that it remains under his own control, make fully deductible contributions to it, but retain some use of the money he donates-he may take it back in the form of an easy-term loan...
Despite its productive economy, Mexico is hampered by one of the world's most decrepit tax systems, gets only 33% of its total government revenue from direct taxes v. 50% for Britain, 70.1% for the U.S. In Mexico, income from real property is taxexempt; stockholders are not required to register stock by name, thereby making it easy to evade the comparatively low 15% tax on dividends. Guatemala and Paraguay, both sorely in need of development funds, have no income taxes, although Guatemalan President Miguel Ydigoras Fuentes is trying to push one through Congress. Colombia does not tax capital gains...