Word: netted
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...normal income tax is placed on the first $4,000 net income, and 6% on all greater net income. No surtaxes are levied on net income of less than $10,000; a 1% surtax is levied on net incomes exceeding $10,000 and not exceeding $12,000; 1% additional on each $2,000 of additional net income until $36,000 is reached; 1% additional for net income exceeding $36,000, but not exceeding $40,000; 1% additional for each $6,000 of additional net income until $100,000 is reached. In addition a 25% exemption is allowed on the taxes...
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...
...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-thereby gaining...
...their players start down the rink, but outside of these efforts they played a defensive game. At one time the Crimson seemed in a fair way to break the shut out, when Beals penetrated and passed over to Hodder who stood waiting not more than three feet from the net. As soon as he received the puck however a Canadian player blocked his stick so that Morris was able to deflect the wild shot...
...night. The locals put up a far superior game to that which they showed against the Crimson last Tuesday. This improvement was particularly marked in the case of Goaler Hurteau, who drew round after round of applause from the capacity house for his uncanny stops in the B. U. net...