Word: payment
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...total actual net income for such individuals, but that individuals actually enjoying such income have, by various methods of reducing net income under the law (including investment in tax-exempt securities), translated themselves from the upper to the lower surtax classes, and in some cases probably avoided the payment of income taxes altogether. In this way the surtaxes are gradually defeating their own purpose and the high rates are becoming ineffective because of the steady disappearance of the taxable incomes to which they were intended to apply...
...tendency to become unproductive of revenue, is not confined to the very highest surtax rates. The tendency is characteristic of all the surtax classes where the rate is high enough to induce evasion of the burden by investment in tax-exempt securities and availing of other methods of avoiding payment of the higher rates. The following table, which, while not official, is compiled from the official Statistics of Income published by the Bureau of Internal Revenue, shows clearly the dwindling of taxable incomes of $100,000 a year or more, and the tax derived from them. *Percent *Percent *Percent...
...ways of escape from the surtaxes, which are many and well known, all lead to the same end, the reduction of taxable net income. Among them may be mentioned the use of corporation and be mentioned the use of corporations and trusts to avoid payment of surtaxes directly, or by dividing income; the division of property among members of the taxpayer's family by gifts inter vivos; the taking of losses on capital investments in such fashion and at such times as to accomplish a maximum reduction of taxable income; the exploitation of certain features of the law such...
...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 is subject to normal tax as well as surtax, must pay slightly more, about 10.40 per cent to yield the same, after payment of taxes, as a 5 per cent state or municipal bond to the taxpayer in the highest surtax class. There is every inducement and ample opportunity to the taxpayer in the higher surtax class to transfer his investment funds from railroad and industrial securities to state and municipal bonds...
...Franco-Belgian attitude presupposes the fifty billion gold mark offer from Germany. Great Britain will, it is known, surrender the major part of her claim against Germany. Thus France would net something between seven and eight billion dollars. With adequate guarantees for payment of this amount, it seems that France will be obliged to accept it, despite her present determined stand against reduction in any form...