Word: exempting
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...That there is no shortage of capital in industry traceable to the high surtaxes' forcing money into tax exempt securities...
This leaves a net reduction of taxation for these rich people of only $5,775,000-but even this reduction does not stand. With surtaxes reduced to a maximum of 25%, it will be more profitable for these people to withdraw their money from tax exempt securities (having a low yield) and place it in taxable securities with a high yield. It is estimated that $54,000,000,000 (one-fifth) of the nation's wealth is invested in these tax free securities, held in large part by these people. With part of this invested in properties whose income...
...Limitation of deductions from gross income for interest paid and for losses of a nonbusiness character to the amount that these items exceed tax exempt income. It was the practice of the very rich to borrow money and invest it in tax exempt securities; thus they could deduct the interest from their net taxable income and also get untaxable profits from their investments. This was made illegal by the Act of 1921. The law is still easily evaded, however, because it is possible for a man to invest his regular income and borrow for his living expenses and other purposes...
...Exempt Securities?"Another reform which is urgent in our fiscal system is the abolition of the right to issue tax-exempt securities. The existing system not only permits a large amount of the wealth of the nation to escape its just burden, but acts as a continual stimulant to municipal extravagance...
Before them was presented The Pilgrims of 1924. Afterwards Calvin Coolidge, Sr., spoke? not to mention Colonel Harvey and Magnus Johnson. But their words in this company must remain unknown, partaking of the nature of professional confidences, exempt from repetition before the public. What passed in those confines is not to be revealed in history...