Word: exempts
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...Mellon in answer to the argument of the radicals who say that by lowering the surtaxes 23,000 millionaires will be relieved of taxes that they ought to bear. Mr Mellon's figures show how high surtaxes drive people with large incomes to invest their capital in tax-exempt securities and so actually reduce the income tax revenue from large incomes. The figures are for incomes over...
...cannot afford, for example, to invest in American railroads or industries or embark upon new enterprises in the face of taxes that wiill take 50% or more of any return, that may be realized. These taxpayers are withdrawing their capital from productive business and investing it instead in tax-exempt securities...
...growth of tax-exempt securities, which has resulted directly from the high rates of surtax, is at the same time encouraging extravagance and reckless expenditure on the part of local authorities...
...Limit the deductions from gross income for interest paid during the year and for losses not of a business character to the amount the sum of these items exceeds tax-exempt income of the taxpayer...
...Less extravagance on the part of local governments which now find it extremely easy to borrow on their tax-exempt securities...