Word: exempting
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...investments totaled over $44,000,000, and included $6,200,000 of Liberties, $5,000,000 Federal Land Banks, $1,544,000 Joint Stock Land Banks, $8,430,000 New York City bonds and $20,952,000 New York State bonds ?or over $42,000,000 in tax exempt issues...
...Ford, however, agreed to lend Detroit the money it needed at 4%, and $500,000 is reported to have been already advanced. By so doing, Mr. Ford, of course, acquires tax-exempt securities on a reasonable basis, and thus removes a considerable amount of his future income from the tax-gatherer's reach. This fact, however, is quite disregarded in the publicity given Mr. Ford as a new rival to the financial center...
...Many Tax-Exempt Securities...
There are now outstanding approximately $11,000,000,000 of wholly tax-exempt securities. Of these about $8,500,000,000 are state, county, and municipal bonds. It is estimated that state and municipal securities are now being issued at the rate of one billion dollars a year. Here is a ready refuge from surtaxes. A taxpayer in the highest surtax class can now invest in a tax-exempt state or municipal bond paying 5 per cent interest and obtain the same net return as from a surtaxable stock paying dividends of 10 per cent. The average commercial bond, which...
...vice of the situation lies in the existence of high surtaxes in conjunction with the continued issuance of tax-exempt securities. Adoption of a constitutional amendment to restrict further issues of tax-exempt securities, coupled with legislation closing the gaps in the income law, is a final but far from immediate solution. And it will not eliminate tax-exempt state and municipal bonds now outstanding. Awaiting their retirement will postpone the date of complete solution. Only reduction by Act of Congress of the surtax rates to a level at which the inducement to invest in tax-exempt securities becomes negligible...