Tax Exempt Quotes

The divorce between Church and State ought to be absolute. It ought to be so absolute that no Church property anywhere, in any state or in the nation, should be exempt from equal taxation; for if you exempt the property of any church organization, to that extent you impose a tax upon the whole community.

The wizards held that, as servants of a higher truth, they were not subject to the mundane laws of the city. The Patrician said that, indeed, this was the case, but they would bloody well pay their taxes like everyone else. The wizards said that, as followers of the light of wisdom, they owed allegiance to no mortal man. The Patrician said that this may well be true but they also owed a city tax of two hundred dollars per head per annum, payable quarterly. The wizards said that the University stood on magical ground and was therefore exempt from taxation and anyway you couldn’t put a tax on knowledge. The Patrician said you could. It was two hundred dollars per capita; if per capita was a problem, de-capita could be arranged.

Church controls what government doesn’t,” Mark elaborated. “And government controls churches through the 501(3)(C) tax exemption. Any church that fails to follow government mandate dictating what they can say and who to support loses their tax- exempt status. The churches have become the ‘great whore’ as the Bible6 predicted.

In serving others, the church will save itself from becoming nothing more than a spiritualized 501c3 not-for-profit, self-centered corporation, organized for the benefit of donor tax exemption. Serving others will remind us of our identity and call us out from this self-absorbed, selfish world to be the people of God on a journey following his Son, Jesus.

Many people today think that the Tea Act—which led to the Boston Tea Party—was simply an increase in the taxes on tea paid by the American colonists. That's where the whole "Taxation Without Representation" meme came from. Instead, the purpose of the Tea Act was to give the East India Company full and unlimited access to the American tea trade and to exempt the company from having to pay taxes to Britain on tea exported to the American colonies. It even gave the company a tax refund on millions of pounds of tea that it was unable to sell and holding in inventory. In other words, the Tea Act was the largest corporate tax break in the history of the world.

Having your own church doesn't make you a good guy. It only makes you tax-exempt.

If Americans actually understood the structure of our taxes, they would not only become angry, they might also find our economic and political systems intolerable because they are the cause of our unjust tax codes ... We could revolutionize the financial conditions of every American city and town—solve all or most of its tax revenue problems—if the property tax system were simply extended from tangible property to also include intangible property. If you want some quick solutions to our nation's fiscal problems, that would be one. Even on the simple basis of fairness, how can we justify having a property tax system that exempts the intangible property owned mostly by the richest amongst us? What a prime example of the Occupy movement's central point about the economic injustice perpetrated by the 1 percent against the 99 percent.

Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions or property in geometrical progression as they rise. Whenever there are in any country uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right. The earth is given as a common stock for man to labor and live on. Letter to James Madison, October 28, 1785

So let me get this straight – this is a long sentence. We are going to be gifted with a health care plan that we are forced to purchase, and fined if we don’t, which reportedly covers 10 million more people without adding a single new doctor, but provides for 16,000 new IRS agents, written by a committee whose chairman doesn’t understand it, passed by Congress, that didn’t read it, but exempted themselves from it, and signed by a president who smokes, with funding administered by a treasury chief who didn’t pay his taxes, for which we will be taxed for four years before any benefits take effect, by a government which has bankrupted Social Security and Medicare, all to be overseen by a surgeon general who is obese and financed by a country that is broke. So what the blank could possibly go wrong?

Has an atheist ever knocked on your door in the middle of the day to tell you "the good news" ... that all that stuff you learned about Jesus curing lepers and rising from the dead is just a bunch of bullshit??? Has an atheist ever tried to force a pamphlet on you at a bus stop? Have you ever seen an atheist carrying a sign declaring that Jesus "isn't" coming soon? Do atheists get tax exemptions? Why do religious fanatics always insist that they're the ones being victimized? "IN GOD WE TRUST" is printed on our currency. The birthday of your "savior" is a national holiday celebrated ad nauseum. What more would you like??? If your faith is so tenuous that it can't withstand criticism or even mockery, what does it say about your faith? About you? If you're truly a person of faith, why do you care so much about the opinion of others?

The religious right is one of the most politically militant voting blocs in the country and the agenda is clear (a gun in every uterus). Time we stopped subsidizing the anti-abortion movement in the form of tax-exemptions.

The relationship between the University and the Patrician, absolute ruler and nearly benevolent dictator of Ankh-Morpork, was a complex and subtle one. The wizards held that, as servants of a higher truth, they were not subject to the mundane laws of the city. The Patrician said that, indeed, this was the case, but they would bloody well pay their taxes like everyone else. The wizards said that, as followers of the light of wisdom, they owed allegiance to no mortal man. The Patrician said that this may well be true but they also owed a city tax of two hundred dollars per head per annum, payable quarterly. The wizards said that the University stood on magical ground and was therefore exempt from taxation and anyway you couldn't put a tax on knowledge. The Patrician said you could. It was two hundred dollars per capita; if per capita was a problem, decapita could be arranged. The wizards said that the University had never paid taxes to the civil authority. The Patrician said that he was not proposing to remain civil for long. The wizards said, what about easy terms? The Patrician said he was talking about easy terms. They wouldn't want to know about the hard terms. The wizards said that there was a ruler back in , oh, it would be the Century of the Dragonfly, who had tried to tell the University what to do. The Patrician could come and have a look at him if he liked. The Patrician said that he would. He truly would In the end it was agreed that while the wizards of course paid no taxes, they would nevertheless make an entirely voluntary donation of, oh, let's say two hundred dollars per head, without prejudice, mutatis mutandis, no strings attached, to be used strictly for non-militaristic and environmentally-acceptable purposes.

The wizards said that the University stood on magical ground and was therefore exempt from taxation and anyway you couldn’t put a tax on knowledge. The Patrician said you could. It was two hundred dollars per capita; if per capita was a problem, decapita could be arranged. The

Nothing will ever befall me that I will receive with gloom or a bad disposition. I will pay my taxes gladly. Now, all the things which cause complaint or dread are like the taxes of life – things from which, my dear Lucilius, you should never hope from exemption or seek escape

Plunder by force or subterfuge is called theft, larceny, burglary, swindling. Plunder under color of law can take the form of ‘economic regulation’, ‘too big to fail’, ‘corporate subsidies’, bail-outs, tax exemptions, and a plethora of other noble-sounding, but ultimately self-serving programs.

I am conscious that an equal division of property is impracticable. But the consequences of this enormous inequality [in Europe] producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property,...[One] means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise.

You don’t want atheism shoved down your throat? OK. We will stock knocking on doors spreading our ‘Truth,’ and having tax-exempt organizations dedicated to atheism that have influential political action committees. We will also stop printing ‘In atheism we trust’ on all US currency and saying, ‘One nation, under atheism” in the pledge of allegiance. We will also stop insisting that everyone who disagrees with us will be sentence to eternal damnation… Wait…

A religion without followers is just a weird guy with strange ideas.

It appears that no one is so unfortunate that he or she is exempt from spending cuts, while at the same time no one is so fortunate as to be ineligible for a tax cut

[W]hen the emperor Constantine abruptly changed Roman policy from one of persecuting Christians to protecting and favoring them with massive gifts of money, tax exemptions, and enormous prestige, the bishops, now in political favor, sometimes used these new resources to promote unanimity; thus in 381, the Christian emperor Theodosius made "heresy" a crime against the state.

Many religions now come before us with ingratiating smirks and outspread hands, like an unctuous merchant in a bazaar. They offer consolation and solidarity and uplift, competing as they do in a marketplace. But we have a right to remember how barbarically they behaved when they were strong and were making an offer that people could not refuse. And if we chance to forget what that must have been like, we have only to look at those states and societies where the clergy still has the power to dictate its own terms. The pathetic vestiges of this can still be seen, in modern societies, in the efforts made by religion to secure control over education, or to exempt itself from tax, or to pass laws forbidding people to insult its omnipotent and omniscient deity, or even his prophet.

They can vote for every possible war that comes along and still be “pro-life,” while a levy that applies only to the vast fortunes left by the richest 1 percent of Americans when a spousal exemption is claimed is the “death tax.

When wealthy people create foundations, they’re exempt from paying taxes on their wealth. Thus foundations essentially rob the public of monies that should be owed to them and give back very little of what is taken in lost taxes. In addition, their funds are derived from profits resulting from the exploitation of labor. That is, corporations become rich by exploiting their workers. Corporate profits are then put into foundations in order to provide “relief” to workers that are the result of corporate practices in the first place.

There were some legal boundaries. By law, tax-exempt charities, which the IRS designates as 501(c)(3)s, must refrain from involvement in lobbying and electoral politics and serve the public rather than their donors’ interests. But such laws are rarely enforced and are subject to flexible interpretation.

Nothing will ever befall me that I will receive with gloom or a bad disposition. I will pay my taxes gladly. Now, all the things which cause complaint or dread are like the taxes of life—things from which, my dear Lucilius, you should never hope for exemption or seek escape.” —SENECA, MORAL LETTERS, 96.2

To promote trade along these routes, Mongol authorities distributed an early type of combined passport and credit card. The Mongol paiza was a tablet of gold, silver, or wood larger than a man’s hand, and it would be worn on a chain around the neck or attached to the clothing. Depending on which metal was used and the symbols such as tigers or gyrfalcons, illiterate people could ascertain the importance of the traveler and thereby render the appropriate level of service. The paiza allowed the holder to travel throughout the empire and be assured of protection, accommodations, transportation, and exemption from local taxes or duties.

Sometimes when a father has an ugly, loutish son, the love he bears him so blindfolds his eyes that he does not see his defects, or, rather, takes them for gifts and charms of mind and body, and talks of them to his friends as wit and grace. I, however—for though I pass for the father, I am but the stepfather to "Don Quixote"—have no desire to go with the current of custom, or to implore thee, dearest reader, almost with tears in my eyes, as others do, to pardon or excuse the defects thou wilt perceive in this child of mine. Thou art neither its kinsman nor its friend, thy soul is thine own and thy will as free as any man's, whate'er he be, thou art in thine own house and master of it as much as the king of his taxes and thou knowest the common saying, "Under my cloak I kill the king;" all which exempts and frees thee from every consideration and obligation, and thou canst say what thou wilt of the story without fear of being abused for any ill or rewarded for any good thou mayest say of it.

The first law of the land shall be the King’s Peace,” King Aegon decreed, “and any lord who goes to war without my leave shall be considered a rebel and an enemy of the Iron Throne.” King Aegon also issued decrees regularizing customs, duties, and taxes throughout the realm, whereas previously every port and every petty lord had been free to exact however much they could from tenants, smallfolk, and merchants. He also proclaimed that the holy men and women of the Faith, and all their lands and possessions, were to be exempt from taxation, and affirmed the right of the Faith’s own courts to try and sentence any septon, Sworn Brother, or holy sister accused of malfeasance.

Moreover, poor people are never opposed to big government because they’re exempt from all the annoying things that government does. They’re not worried about taxes: The government is not going to raise any taxes that they pay. They drive unlicensed cars, have no insurance, flee accidents, and couldn’t pay a court judgment anyway. The government doesn’t want to get in touch with the poor for any reason other than to give them things.

Who cheats? Well, just about anyone, if the stakes are right. You might say to yourself, I don’t cheat, regardless of the stakes. And then you might remember the time you cheated on, say, a board game. Last week. Or the golf ball you nudged out of its bad lie. Or the time you really wanted a bagel in the office break room but couldn’t come up with the dollar you were supposed to drop in the coffee can. And then took the bagel anyway. And told yourself you’d pay double the next time. And didn’t. For every clever person who goes to the trouble of creating an incentive scheme, there is an army of people, clever and otherwise, who will inevitably spend even more time trying to beat it. Cheating may or may not be human nature, but it is certainly a prominent feature in just about every human endeavor. Cheating is a primordial economic act: getting more for less. So it isn’t just the boldface names — inside-trading CEOs and pill-popping ballplayers and perkabusing politicians — who cheat. It is the waitress who pockets her tips instead of pooling them. It is the Wal-Mart payroll manager who goes into the computer and shaves his employees’ hours to make his own performance look better. It is the third grader who, worried about not making it to the fourth grade, copies test answers from the kid sitting next to him. Some cheating leaves barely a shadow of evidence. In other cases, the evidence is massive. Consider what happened one spring evening at midnight in 1987: seven million American children suddenly disappeared. The worst kidnapping wave in history? Hardly. It was the night of April 15, and the Internal Revenue Service had just changed a rule. Instead of merely listing the name of each dependent child, tax filers were now required to provide a Social Security number. Suddenly, seven million children — children who had existed only as phantom exemptions on the previous year’s 1040 forms — vanished, representing about one in ten of all dependent children in the United States.

The tax-exempt organization quietly cemented a deal with Glenn Beck, the incendiary right-wing Fox News television host who at the time was a Tea Party superstar. For an annual payment that eventually topped $1 million, Beck read “embedded content” written by the FreedomWorks staff. They told him what to say on the air, and he blended the promotional material seamlessly into his monologue, making it sound as if it were his own opinion. The arrangement was described on FreedomWorks’ tax disclosures as “advertising services.

On Atheism – If people continue to think of atheism as a kind of religion, then I demand all the perks that real religions get. I want to build big empty buildings where like-minded people can gather once a week to debate a non-existent deity. I want tax-exempt status. I want real food, not cheap wine and crackers. I want a rocking band. I want altar men! Not altar boys—altar MEN—and I want them to look like the chain-clad guy who hands an envelope to RuPaul at the beginning of “To Wong Foo, Thanks for Everything! Julie Newmar”.

We have always called ourselves a tax-exempt 501c3 antiprofit organization. We wrestle to free ourselves from macrocharity and distant acts of charity that serve to legitimize apathetic lifestyles of good intentions but rob us of the gift of community. We visit rich people and have them visit us. We preach, prophesy, and dream together about how to awaken the church from her violent slumber. Sometimes we speak to change the world; other times we speak to keep the world from changing us. We are about ending poverty, not simply managing it. We give people fish. We teach them to fish. We tear down the walls that have been built up around the fish pond. And we figure out who polluted it. We fight terrorism—the terrorism within each of us, the terrorism of corporate greed, of American consumerism, of war. We are not pacifist hippies but passionate lovers who abhor passivity and violence. We spend our lives actively resisting everything that destroys life, whether that be terrorism or the war on terrorism. We try to make the world safe, knowing that the world will never be safe as long as millions live in poverty so the few can live as they wish. We believe in another way of life—the kingdom of God—which stands in opposition to the principalities, powers, and rulers of this dark world (Eph. 6:12).3

So how did it come to this? Why did the Australian government have to provide a protection visa for José on the grounds that a religious organisation it deems a tax-exempt charity had trafficked him? How could a church that claims to believe in freedom and human rights enslave and traffic its members? How could a church that in its own religious creed says ‘that all men have inalienable rights to their own lives’ separate a loving couple who wanted to get married and have a child, and force the woman to have an abortion? How could a church use Australia as a penal colony in the 21st century? To understand the madness of modern-day Scientology, you need to go back to the source, and the thinking that marked its very beginning.

The real catalyst for the Religious Right was a court decision, but it was not Roe v. Wade. It was a lower court ruling in the District Court for the District of Columbia in a case called Green v. Connally. On June 30, 1971, the court ruled that any organization that engaged in racial segregation or racial discrimination was not by definition a charitable institution, and therefore it had no claims on tax-exempt status. The Supreme Court’s Coit v. Green decision upheld the district court, and the Internal Revenue Service then began making inquiries about the racial policies of so-called segregation academies as well as the fundamentalist school Bob Jones University, in Greenville, South Carolina, which boasted a long history of racial exclusion.

If government had declined to build racially separate public housing in cities where segregation hadn’t previously taken root, and instead had scattered integrated developments throughout the community, those cities might have developed in a less racially toxic fashion, with fewer desperate ghettos and more diverse suburbs. If the federal government had not urged suburbs to adopt exclusionary zoning laws, white flight would have been minimized because there would have been fewer racially exclusive suburbs to which frightened homeowners could flee. If the government had told developers that they could have FHA guarantees only if the homes they built were open to all, integrated working-class suburbs would likely have matured with both African Americans and whites sharing the benefits. If state courts had not blessed private discrimination by ordering the eviction of African American homeowners in neighborhoods where association rules and restrictive covenants barred their residence, middle-class African Americans would have been able gradually to integrate previously white communities as they developed the financial means to do so. If churches, universities, and hospitals had faced loss of tax-exempt status for their promotion of restrictive covenants, they most likely would have refrained from such activity. If police had arrested, rather than encouraged, leaders of mob violence when African Americans moved into previously white neighborhoods, racial transitions would have been smoother. If state real estate commissions had denied licenses to brokers who claimed an “ethical” obligation to impose segregation, those brokers might have guided the evolution of interracial neighborhoods. If school boards had not placed schools and drawn attendance boundaries to ensure the separation of black and white pupils, families might not have had to relocate to have access to education for their children. If federal and state highway planners had not used urban interstates to demolish African American neighborhoods and force their residents deeper into urban ghettos, black impoverishment would have lessened, and some displaced families might have accumulated the resources to improve their housing and its location. If government had given African Americans the same labor-market rights that other citizens enjoyed, African American working-class families would not have been trapped in lower-income minority communities, from lack of funds to live elsewhere. If the federal government had not exploited the racial boundaries it had created in metropolitan areas, by spending billions on tax breaks for single-family suburban homeowners, while failing to spend adequate funds on transportation networks that could bring African Americans to job opportunities, the inequality on which segregation feeds would have diminished. If federal programs were not, even to this day, reinforcing racial isolation by disproportionately directing low-income African Americans who receive housing assistance into the segregated neighborhoods that government had previously established, we might see many more inclusive communities. Undoing the effects of de jure segregation will be incomparably difficult. To make a start, we will first have to contemplate what we have collectively done and, on behalf of our government, accept responsibility.

That the petitioner No. 2 is the founder President of an Institution, namely, “ Institute for Re-writing Indian (and World) History “. The aim and objective of that institution, which is a registered society having register no. F-1128 (T) as the public trust under the provision of Bombay Public Trust Act. Inter alia, is to re-discover the Indian history. The monumental places of historical importance in their real and true perspective having of the heritage of India. The true copy of memorandum of association of the aforesaid society / public trust having fundamental objectives along with Income tax exemption certificate under section 80-G (5) of I.T. Act, 1961 for period 1/4/2003 to 31/3/2006 are filed herewith as marked as Annexure No.1 and 2 to the writ petition. 5. That the founder-President of Petitioner’s Institution namely Shri P. N. Oak is a National born Citizen of India. He resides permanently at the address given in case title. The petitioner is a renowned author of 13 renowned books including the books, titled as, “ The Taj Mahal is a Temple Place”. This petition is related to Taj Mahal, Fatehpur- Sikiri, Red-fort at Agra, Etamaudaula, Jama- Masjid at Agra and other so called other monuments. All his books are the result of his long-standing research and unique rediscovery in the respective fields. The titles of his books speak well about the contents of the subject. His Critical analysis, dispassionate, scientific approach and reappraisal of facts and figures by using recognised tools used in the field gave him distinction through out the world. The true copy of the title page of book namely “The Taj Mahal is a Temple Palace” . written by Sri P. N. Oak, the author/ petitioner No. 2 is filed as Annexure –3 to this writ petition.

Income and inheritance taxes imply the denial of private property, and in that are different in principle from all other taxes. The government says to the citizen: “Your earnings are not exclusively your own; we have a claim on them, and our claim precedes yours; we will allow you to keep some of it, because we recognize your need, not your right; but whatever we grant you for yourself is for us to decide.” This is no exaggeration. Take a look at the income-tax report that you are required by law to make out, and you will see that the government arbitrarily sets down the amount of your income you may have for your living, for your business requirements, for the maintenance of your family, for medical expenses, and so on. After granting these exemptions, with a flourish of generosity, the government decides what percentage of the remainder it will appropriate. The rest you may have.

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans’ generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes.

After that preacher told me to quit thinking, I began thinking harder. I did my research. Turns out, the memo he was trying to pass me—“A good Christian bases her faith on disapproving of gays and abortion”—started being issued only forty years ago. In the 1970s, a few rich, powerful, white, (outwardly) straight men got worried about losing their right to continue racially segregating their private Christian schools and maintaining their tax-exempt status. Those men began to feel their money and power being threatened by the civil rights movement. In order to regain control, they needed to identify an issue that would be emotional and galvanizing enough to unite and politically activate their evangelical followers for the first time. They decided to focus on abortion. Before then—a full six years after the Roe v. Wade Supreme Court decision—the prevailing evangelical position was that life began with the baby’s first breath, at birth. Most evangelical leaders had been indifferent to the Court’s decision in Roe, and some were cited as supporting the ruling. Not anymore. They wrote a new memo using freshly feigned outrage and rhetoric calling for “a holy war…to lead the nation back to the moral stance that made America great.” They sponsored a meeting of 15,000 pastors—called The Religious Roundtable—to train pastors on how to convince their congregations to vote for antichoice, antigay candidates. This is how they disseminated the memo down to evangelical ministers, who passed it down to pews across America. The memo read, To be aligned with Jesus, to have family values, to be moral, one must be against abortion and gay people and vote for the candidate that is antiabortion and antigay.

Their champion, Goliath of Gath,” said Shammah. Goliath continued his rant, “I DEFY THE RANKS OF ISRAEL THIS DAY! CHOOSE FOR YOURSELVES A CHAMPION TO FIGHT ME! IF HE WINS, THE PHILISTINES WILL BE YOUR SERVANTS. IF I WIN, YOU WILL BE OUR SERVANTS!” Abinadab muttered, “He has taunted us these forty days with the same challenge.” “Forty days?” said David. How had he failed to hear about it, he wondered. “Is there no one to stand up to this blasphemer?” Shammah snickered, “Easy for you to say from the comfort of your palace luxury.” Abinadab threw in, “The man who kills him, the king will laud with tax exemption and great riches.” The next words that came from Abinadab struck David in the chest like an iron rod. “The king has even offered up the hand of one of his daughters to the soul who triumphs over this titan.

Even in the domain of conventional currencies, this trend is in evidence. Today, 14 U.S. states, namely, Colorado, Georgia, Idaho, Indiana, Missouri, Montana, New Hampshire, North Carolina, South Carolina, Tennessee, Utah, Vermont, Virginia, and Washington, have taken action to create their own state currency, usually backed by a precious metal such as gold or silver.24 In the case of Utah, for example, the Utah Legislature has passed a bill allowing gold and silver coins to be used as legal tender in the state—and for the value of their precious metal, not just the face value of the coins. Utah’s bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state’s capital gains tax, though that does not shield exchanges from federal taxes.

The government, or rather the taxpayers, further support religious child abuse by subsidizing Christian Science practitioners and their nursing homes with Medicare and tax exemptions—despite their complete failure to provide any medical care. Other tax support involves allowing federal employees, some state employees, and members of the armed forces to join health plans that include Christian Science nursing and practitioner care.

You know, any time I want to get applause—and I lecture across America in state after state after state—when I fear things are getting a little low, I always say, “And another thing: let us tax all the religions.” I bring down the goddamn house with that. And any politician would if he had sense enough to do it. The people don’t like their tax exemption.

Oil and Gas Investing in Permian Basin-Smart Move As the true scope of Permian Basin is being understood, one thing is very clear; it is going to attract a lot of investment. As in case of all oil and gas investments, the sooner you invest, the better your returns are going to be. Right now is the perfect time for oil and gas investing in Permian Basin. There are a lot of benefits of choosing to invest in things other than the property, shares and stocks circuit. It not just helps you spread out your earnings, it lets you test potential markets such as these. As these markets are not overcrowded, there is more scope for growth. But why should you choose oil and gas investing in Permian Basin when you have dependable assets elsewhere? The answer is that those assets multiply at such a slow pace that you forget they are there while when there is an oil and gas boom, it turns your fortunes. An oil well investment brings with it years of steady income with the benefit of tax deduction on the investment. It is not as much a gamble as it is made out to be and oil strikes are more frequent than people would like you to believe. About 15% annual income from oil and gas wells is exempt from tax and 65-85% of your first year's investment can be waived off. Gone are the days when all you could do with oil well was bore increasingly downwards, vertically. Now there is technology available that lets you draw oil supply for a long, long time after the initial vertical bore runs dry. With new advancements in drilling and extracting techniques, a lot of oil that was earlier as good as not being there has suddenly become readily available. Being with a company that is well equipped with the latest technology gives your investment more stability. That is one of the reasons for a revival of the boom in Permian Basin and it has been predicted to last for a long time to come. Choose with great care a reliable and experienced company that is a seasoned hand at oil and gas drilling and production. Oil and gas investing in Permian Basin is bound to attract many investors looking to be a part of the upward trend. Invest today and reap benefits for years to come.

Charlie and I would follow a buy-and-hold policy even if we ran a tax-exempt institution.

foundations have an overriding obligation to the public to perform their duties according to the highest standards of effectiveness and stewardship. That obligation arises especially from the tax deductibility of gifts to create foundations and the tax exempt status granted to foundation assets and income once they are established. As a result of these benefits, United States taxpayers annually benefit United States foundations with foregone taxes in excess of twenty billion dollars. For that reason alone, foundations must somehow be made accountable, preferably by means of voluntary action, but, failing that, through legally mandated regulation or through voluntary action. Many foundations

Mrs. Davis raised a complaint about A.T. & T.’s contributions to charity, giving Mr. Kappel the opportunity to reply that he was glad the world contained people more charitable than she. (Tax-exempt applause.)

Fundamentalist Christian Bob Jones University lost its tax-exempt status when it forbade interracial dating in 1983. Later, its policies changed on interracial dating, but its current sex abuse policies appear to be in line with other religious groups, which have erred on the side of protecting image rather than children.

Economists agree that all taxes potentially detract from the ability of markets to allocate resources efficiently, and the least inefficient types of taxation are those that are simple, uniform, and predictable, which allow businesses to plan and invest around them. The U.S. tax code is exactly the opposite. While nominal corporate tax rates in the United States are much higher than in other developed countries, very few American corporations actually pay taxes at that rate, because they have negotiated special exemptions and benefits for themselves.

As a legal and economic instrument, the zone presides over a cocktail of enticements and legal exemptions that are sometimes mixed together with domestic civil laws, sometimes manipulated by business to create international law, and sometimes adopted by the nation in its entirety. Incentives vary in every location but might include: holidays from income or sales taxes, dedicated utilities like electricity or broadband, deregulation of labor laws, prohibition of labor unions and strikes, deregulation of environmental laws, streamlined customs and access to cheap imported or domestic labor, cheap land and foreign ownership of property, exemption from import/export duties, foreign language services, or relaxed licensing requirements.

In fact, Bopp’s law firm and the James Madison Center had the same office address and phone number, and although Bopp listed himself as an outside contractor to the center, virtually every dollar from donors went to his firm. By designating itself a nonprofit charitable group, though, the Madison Center enabled the DeVos Family Foundation and other supporters to take tax deductions for subsidizing long-shot lawsuits that might never have been attempted otherwise. “The relationship between this organization and Bopp’s law firm is such that there really is no charity,” observed Marcus Owens, a Washington lawyer who formerly oversaw tax-exempt groups for the Internal Revenue Service. “I’ve never heard of this sort of captive charity/foundation funding of a particular law firm before.

Control of trade was sought by specifying that no ships should "break boulke [bulk] or make privatt sales of any comodities" before reaching Jamestown. Taxes were not ignored either for a levy of ten pounds of tobacco, already the common currency it appears, was laid on each male above 16 years of age to help defray the "publique depte [debt]." Lest it be forgotten, it was enacted that obedience was required "to the presente government." Old planters were given special exemption from public service, "they and theire posteritie," while Burgesses were rendered exempt from seizure during Assembly time. "Persones of qualitie" when found delinquent, it was stated, could be imprisoned if not fit to take corporal punishment. It is of note that service to the Governor, or the public, was made contingent on Assembly consent. Of particular interest, too, was the action on the principle of taxation. It was bold, indeed, at this time for the Assembly to declare that; The Governor shall not laye any taxes or impositiones uppon the Colony, theire landes or comodities otherwi[se] then by the awthoritie of the Generall Assemblie, to be levied and imployed as the saide Assembly shall appoint. This was an early word on taxation, but it was to be far from the last word in the next century and a half.

Yale New Haven, which has a tax exemption as a nonprofit institution, was on its way to recording operating income of more than $125 million. Its chief executive would earn a salary of more than $2.5 million, roughly 70 percent more than that of the president of Yale University.

Exempted from automatic execution, it appears, are Christians who do not resist their new government. Baghdadi permits them to live, as long as they pay a special tax, known as the jizya , and acknowledge their subjugation. The Koranic authority for this practice is not in dispute.

Central Excise 2.3 Central Excise Duty is levied by the Central Government under the Central Excise Act, 1944. The levy is on all goods manufactured and produced in India, which are specified in the schedule to the Central Excise Tariff Act subject to certain exemptions. The effective rate may vary from product to product though most goods are subject to excise duty at 10% (without education cess). As manufacturer, credit is allowed on excise duty and countervailing duty paid on inputs and capital goods and the service tax paid on input service. The credit is allowed as a setoff against the excise duty payable on the output. Cross credit utilisation between credit of service tax and excise duty has been enabled w.e.f.10.9.2004. Service tax 2.4 Service tax is levied by the Central Government under Chapter V and Chapter VA of Finance Act, 1994. Service tax is levied on specified services, referred to as taxable services, when rendered by a service provider. Service tax is presently taxed at 10% (without education cess).Ordinarily, service tax is payable by the service provider, except in specified cases. As service provider, credit is allowed on excise duty and countervailing duty paid on inputs and capital goods and the service tax paid on input service. The credit is allowed as a set-off against the service tax payable on taxable services. VAT & CST 2.5 Value Added Tax (VAT) is levied by the State Governments on transfer of property in goods from one person to another, when such transfer is for cash, deferred payment or other valuable consideration. VAT is also payable on certain transactions that are deemed to be sale such as transfer of right to use goods, hire purchase and sale by instalments, works contract and sale of food and drink as a part of rendering of any service. 2.6 Local VAT is payable when goods are sold within the State and Central Sales Tax (CST) is payable when sale occasions the movement of goods 4

organizations. The book introduces the unrelated business rules (including a history of and rationale for these rules), analyzes the meaning of the term trade or business and the factors taken into account in determining whether a business is related or unrelated, explores the many modifications and exceptions that enrich this part of exempt organizations law, and summarizes the unrelated debt-financed income rules and the doctrine of commerciality. This book delves much deeper than I could in the The Law of Tax-Exempt Organizations (Eight Edition) , digging into topics such as the special rules for social clubs, the advertising rules, the corporate sponsorship rules, and the application of this aspect of

This book is based, in part, on a spinoff of material previously published in various chapters of the Exempt Organizations book. It came about because of two diametrically competing considerations: my desire to provide much more detail about the federal tax law concerning related and unrelated businesses, and my ongoing efforts to reduce the size of the Exempt

If they can’t find those answers in your holy writings, they’ll move on to the next person’s holy writings.

People are looking for someone to tell them what to do and whether what they’re doing is good or bad.

Because most people don’t know that the little dagger symbol on the New York Times bestsellers list means that retailers have reported significant bulk orders, you can buy a bunch for the devoted, then handsell them yourself. If you can swing 100,000 copies, that’s usually enough to get you on the list, and from then on you’re not just a prophet but a New York Times bestselling author, too!

The various deities worshiped over the course of human history have very little in common except that all of them have an easily expressed identity and a clearly articulated mission statement.

In 1986, Senator Daniel Patrick Moynihan sponsored a law banning the use of tax-free bonds to finance stadiums, exactly the financing being used by the Yankees and the Mets. So how did Steinbrenner and the Mets owners get around that law? How did they manage to benefit from triple tax-free municipal bonds that add to the burdens of federal, state, and city taxpayers? First, the Yankees and the Mets will not pay rent on their new stadiums, which the city will own. If they paid rent, the Moynihan law would prohibit the sale of tax-exempt bonds to finance the stadiums. But since the stadium bonds must be paid for, where will the money come from?

STEVENSON AND GRIFFITH, STATE AND LOCAL GOVERNMENT IN A FEDERAL SYSTEM, (6th ed. 2006). THE URBAN LAWYER for permission to use material from New Federal Tax Legislation Affecting Tax Exempt Obligations, by Neil P. Arkuss; reprinted with permission of THE URBAN LAWYER, the national quarterly journal on state and local government of the American Bar Association, as it appeared in Volume 16, Number 4 (Fall 1984), Robert H. Freilich, editor. New York University School

When he came to study the country’s inequitable tax system, though, Necker was faced with complicated and intractable problems which he was quite incapable of resolving. The various taxes and duties levied in France – the gabelle, the traites, the aides as well as the capitation and the vingtièmes–were all, as he discovered, subject to variations, exemptions, inequalities in distribution and abuses in collection that made the evils of the system one of the principal causes of social unrest. Yet the increasing expenses of government and public works and the costs of the country’s wars – in particular France’s participation in the War of American Independence which involved expenditure of about 2,000 million livres–rendered the collection of further and more burdensome taxes inevitable unless the state were to slide ever deeper into bankruptcy.

even led to the clergy being exempted from paying taxes.

Now, supposing we should abolish all other taxes direct and indirect, substituting for them a tax upon land values, what would be the effect? In the first place it would be to kill speculative values. It would be to remove from the newer parts of the country the bulk of the taxation and put it on the richer parts. It would be to exempt the pioneer from taxation and make the larger cities pay more of it. It would be to relieve energy and enterprise, capital and labour, from all those burdens that now bear upon them. What a start that would give to production! In the second place we could, from the value of the land, not merely pay all the present expenses of the government, but we could do infinitely more. In the city of San Francisco James Lick left a few blocks of ground to be used for public purposes there, and the rent amounts to so much, that out of it will be built the largest telescope in the world, large public baths and other public buildings, and various costly works. If, instead of these few blocks, the whole value of the land upon which the city is built had accrued to San Francisco what could she not do?  So in this little town, where land values are very low as compared with such cities as Chicago and San Francisco, you could do many things for mutual benefit and public improvement did you appropriate to public purposes the land values that now go to individuals. You could have a great free library; you could have an art gallery; you could get yourselves a public park, a magnificent public park, too. You have here one of the finest natural sites for a beautiful town I know of, and I have travelled much. You might make on this site a city that it would be a pleasure to live in. You will not as you go now—oh, no! Why, the very fact that you have a magnificent view here will cause somebody to hold on all the more tightly to the land that commands this view and charge higher prices for it. The State of New York wants to buy a strip of land so as to enable the people to see Niagara, but what a price she must pay for it! Look at all the great cities; in Philadelphia, for instance, in order to build their great city hall they had to block up the only two wide streets they had in the city. Everywhere you go you may see how private property in land prevents public as well as private improvement.  But I have not time to enter into further details.

The shape of authority on the trading floor depends heavily on how much money a particular group is making. For the past several years, the most desirable jobs by far on Wall Street have been in derivatives groups, and those groups have usually ruled the floor. In general, if you aren’t in derivatives, the closer you are to government bond trading—the hub of the bond trading floor—the better. Surrounding the trading of government bonds, known as govvies, are the middle-tier jobs, including foreign exchange, mortgage trading, and corporate bonds. Less desirable jobs may not even be on the trading floor. Equity sales is bad. Private client sales may be worse. One of the worst jobs, for example, is selling money market instruments in Philadelphia, assuming the firm still has a Philadelphia office, which many do not. The worst jobs of all are in the municipal bond department. “Munis” are bonds, usually tax-exempt, that municipalities, states, or other local governmental entities issue to pay for roads, education, sewers, and so forth. Munis can be found in the backwaters of the trading floor and the wasteland of investment banking. Before I took the training examination at First Boston and was told, “You’d better do well on the exam…or else,” I knew very well what the “or else” meant: “or else you’ll end up in munis.

Bermuda law required that the owner of the new company’s stock be a qualified tax-exempt entity. Fortunately, Morgan Stanley discovered The Capital Trust, a Bermuda charitable trust whose beneficiaries were the Bermuda High School for Girls, Saltus Grammar School, Lady Cubitt Compassionate Association, and the Bermuda Foundation. Morgan Stanley, through its investors, would give the charitable trust the $12,000 required to purchase the company’s stock. Finally, the newly formed company had to obtain the permission of the Bermuda Monetary Authority to issue $1.5 billion of bonds backed by the Ajustabonos. The $12,000 stock had been created merely to satisfy a Bermuda technicality. It was this company’s new bonds, not the stock, that Morgan Stanley was planning to sell to investors. To get permission for the company to issue these bonds, Morgan Stanley—again through its investors—had to commit to pay $1,600 per year to the Bermuda government. From an outsider’s perspective, these payments looked like kickbacks. Overall, Morgan Stanley’s actions were barely distinguishable from those of a drug kingpin seeking an appropriate tax haven to launder money. In fact, later that year the PBS television show Frontline would expose the use of off-shore tax havens by both money launderers and Wall Street alike. (I discussed the show with Scarecrow, who said he was flattered by the comparison.)

In the 1970s, a few rich, powerful, white, (outwardly) straight men got worried about losing their right to continue racially segregating their private Christian schools and maintaining their tax-exempt status. Those men began to feel their money and power being threatened by the civil rights movement. In order to regain control, they needed to identify an issue that would be emotional and galvanizing enough to unite and politically activate their evangelical followers for the first time. They decided to focus on abortion. Before then—a full six years after the Roe v. Wade Supreme Court decision—the prevailing evangelical position was that life began with the baby’s first breath, at birth. Most evangelical leaders had been indifferent to the Court’s decision in Roe, and some were cited as supporting the ruling. Not anymore.

Next, I went undercover—really!—in Dothan, Alabama, to expose segregated schools that were trying to evade integration. Posing as the young wife of a businessman who had just been transferred to the area, I visited the all-white private school that had just opened in town and received tax-exempt status. When I started asking questions about the student body and curriculum, I was assured that no black students would be enrolled. Marian used the evidence that I and other activists gathered in the field to pressure the Nixon administration to crack down on these so-called segregated academies.

Brown v. Board of Education. This landmark decision mandating school desegregation launched one of the defining civil rights battles of the era. In response, many evangelicals took their children out of public school rather than have them attend with African Americans. Churches and other evangelical organizations founded “segregation academies,” private religious schools that were tax-exempt.

There were no peasants doffing their hats here; no one was exempt from paying taxes; all men, in fact, were born equal.

Yet many were banished upon the result of the synod of 1637, and the Baptist meeting-house in Boston was nailed up, after the synod of 1679. Yea, and he was now earnest to have Congregational ministers supported by taxes imposed “in the king’s name.” He approved of the practice of some towns, who involved the salary for ministers in a general town tax; [Ibid. p. 21, 22] and there never was any law made here to exempt the Baptists from taxes to Congregational ministers, until after Dr. Mather died, February 13, 1728, aged 65. But in May following, an act was made to exempt the persons of Baptists and Quakers from such taxes, if they lived within five miles of their respective meetings, and usually attended worship there on Lord’s-days; of which they must give an account to their county courts in June annually, upon oath or affirmation, after which the clerk of each court was to give a list of their names to the assessors of each town or precinct.

As the 2019 elections were approaching, the Modi government felt the need to appear less pro-rich and more pro-poor again. But the union budget passed in February was somewhat a missed opportunity so far as the peasants were concerned. No loan waivers were announced in their favor, simply an enhanced interest subvention on loans and an annual income support of Rs 6,000 (80 USD)—6 percent of a small farmer’s yearly income—to all farmers’ households owning two hectares or fewer.131 In fact, the union budget was once again more geared to pleasing the middle class. The income tax exemption limit jumped from Rs 200,000 (2,667 USD) to 250,000 (3,333 USD), and the income tax rate up to Rs 5 lakh (6,667 USD) was reduced from 10 to 5 percent. The income tax on an income of Rs 10 lakh (13,333 USD) dropped from Rs 110,210 (1,470 USD) to Rs 75,000 (1,000 USD).132 The poor were doubly affected by the fiscal policy of the Modi government in 2014–2019: not only did the tax cuts in favor of the middle class, the abolition of the wealth tax, and, more importantly, the reduction of the corporate tax rates have to be offset by increased indirect taxes, but the stagnation of fiscal resources did not allow the government of India to spend more on public education and public health—all the more so as Narendra Modi wanted to reduce the fiscal deficit. First of all, tax collection diminished. The exchequer “lost” Rs 1.45 lakh crore (1.933 billion USD) in the reduction of the corporate tax, for instance. That was the main reason why gross direct tax collection dipped 4.92 percent133 in 2019–2020, a fiscal year during which gross tax collections were less than those in 2018–2019. Tax collections had never declined on a year-on-year basis since 1961–1962.134 Second, government expenditures diminished. The central government reduced its spending on education from 0.63 percent of GDP in 2013–2014 to 0.47 percent in 2017–2018. The trend was marginally better on the public health front, where the Center’s spending declined from 0.37 percent of GDP in 2013–2014 to 0.34 percent in 2015–2016, before rising again to reach 0.38 percent in 2016–2017.

To maintain profit levels, the large landowners and industrialists would have to slash wages and raise prices. The state in turn would have to provide them with massive subsidies and tax exemptions. To finance this corporate welfarism, the populace would have to be taxed more heavily, and social services and welfare expenditures would have to be drastically cut—measures that might sound familiar to us today.

First, reframe the purpose of taxes to help build social consensus for the kind of higher-tax, higher-returns public sector that has been a proven success in many Scandinavian countries. And remember, the verbal framing expert George Lakoff advises to choose your words wisely: don’t oppose tax relief—talk about tax justice. Likewise, the notion of public spending is often used by those who oppose it to evoke a never-ending outlay. Public investment, on the other hand, focuses on the public goods—such as high-quality schools and effective public transport—that underpin collective well-being.57 Second, end the extraordinary injustice of tax loopholes, offshore havens, profit shifting and special exemptions that allow many of the world’s richest people and largest corporations—from Amazon to Zara—to pay negligible tax in the countries in which they live and do business. At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing an annual loss of more than $156 billion in tax revenue, a sum that could end extreme income poverty twice over.58 At the same time, transnational corporations shift around $660 billion of their profits each year to near-zero tax jurisdictions such as the Netherlands, Ireland, Bermuda and Luxembourg.59 The Global Alliance for Tax Justice is among those focused on tackling this, campaigning worldwide for greater corporate transparency and accountability, fair international tax rules, and progressive national tax systems.60 Third, shifting both personal and corporate taxation away from taxing income streams and towards taxing accumulated wealth—such as real estate and financial assets—will diminish the role played by a growing GDP in ensuring sufficient tax revenue. Of course progressive tax reforms such as these can quickly encounter pushback from the corporate lobby, along with claims of state incompetence and corruption. This only reinforces the importance of strong civic engagement in promoting and defending political democracies that can hold the state to account.

Turns out, the memo he was trying to pass me—“A good Christian bases her faith on disapproving of gays and abortion”—started being issued only forty years ago. In the 1970s, a few rich, powerful, white, (outwardly) straight men got worried about losing their right to continue racially segregating their private Christian schools and maintaining their tax-exempt status. Those men began to feel their money and power being threatened by the civil rights movement. In order to regain control, they needed to identify an issue that would be emotional and galvanizing enough to unite and politically activate their evangelical followers for the first time. They decided to focus on abortion.

Another peculiarity in the general position of preferred stocks deserves mention. They have a much better tax status for corporation buyers than for individual investors. Corporations pay income tax on only 15% of the income they receive in dividends, but on the full amount of their ordinary interest income. Since the 1972 corporate rate is 48%, this means that $100 received as preferred-stock dividends is taxed only $7.20, whereas $100 received as bond interest is taxed $48. On the other hand, individual investors pay exactly the same tax on preferred-stock investments as on bond interest, except for a recent minor exemption.

If you’re like most Americans, you have the lion’s share of your wealth accumulated in the first two buckets—the taxable and the tax-deferred. If that’s the case, don’t despair, because there is a third bucket. Some people call this final bucket tax-advantaged, some tax-preferred, still others tax-exempt, but for our purposes, we will call it the tax-free bucket.

The problem for non-governmental organisations is that they are already drawn too close to government through funding and their tax-exempt charitable status and they serve increasingly to neutralise and de-radicalise movements for real change, often remaining silent on the true complicity of their Western donors in the denial of human rights.

In fact, it was the stripping of tax-exempt status from Bob Jones University following its loss of a civil rights case brought by African American parents in Holmes County, Mississippi, in May 1969 that was the catalyst for full-throated evangelical engagement in the political realm.

All that mattered was for investors to be able to recoup investments that were largely driven by the knowledge that Puerto Rico’s bonds were triple-tax exempt and that it had no bankruptcy protection.

The dominance of the faith-based industrial complex is a Catch-22 for communities of color that lack adequate social welfare services and educational and recreational spaces under an American capitalist system that essentially outsources these services to private organizations and tax-exempt nonprofits.

Tax-Exempt Money-Market Funds

Nightingales sing, flowers bloom, tigers roar, none of them are levied tax by the government. Farmers and Artists are like that for a nation; they should be exempted from tax or should be given concession.

if you’re going to have as much money when you retire as you do now, then you probably will be in a higher tax bracket than you are today. Why? Because you likely won’t have the deductions, exemptions, or credits that you currently enjoy for your children, for your house, or even for your business.

To promote all religions, Genghis Khan exempted religious leaders and their property from taxation and from all types of public service. To promote related professions, he later extended the same tax exemptions to a range of professionals who provided essential public services, including undertakers, doctors, lawyers, teachers, and scholars.

She had been sent here an emissary by one of her former students, who also happened to be both her landlord and her actual lord. Saan, the Duke of Shulan, wanted her to appraise how the Prophesied Hero of the Tiandi’s education was coming along. She had wanted to refuse the assignment, but the terms were too good to pass up: tax exemption for life and not going to jail for refusing her duke. Taishi was not a big fan of taxes or imprisonment.

She had been sent here as an emissary by one of her former students, who also happened to be both her landlord and her actual lord. Saan, the Duke of Shulan, wanted her to appraise how the Prophesied Hero of the Tiandi’s education was coming along. She had wanted to refuse the assignment, but the terms were too good to pass up: tax exemption for life and not going to jail for refusing her duke. Taishi was not a big fan of taxes or imprisonment.

Under his auspices, the Church was soon exempted from taxes and its hierarchy started to be richly rewarded. Bishops were paid five times as much as professors, six times as much as doctors—as much even as a local governor. Eternal delight in the next life, bureaucratic preferment in this. What more could one wish for?

Investors can benefit from tax exemption on capital gain Bonds under Section 54EC of the Income Tax Act 1961 by investing in 54EC capital gain bonds. So invest now with RR Finance.

The worst kidnapping wave in history? Hardly. It was the night of April 15, and the Internal Revenue Service had just changed a rule. Instead of merely listing the name of each dependent child, tax filers were now required to provide a Social Security number. Suddenly, seven million children—children who had existed only as phantom exemptions on the previous year’s 1040 forms—vanished, representing about one in ten of all dependent children in the United States.

Nevertheless, during his short reign, King Lunalilo enacted laws that would change the course of Hawaiʻi’s history forever. In a move that was considered very divisive, King Lunalilo offered to exchange the lagoon of Pearl Harbor to the United States in exchange for the exemption of taxes on a number of Hawaiian goods that were exported to the United States, mainly sugar. However, the king withdrew the offer before it was deemed official due to significant pushback from the other aliʻi and the general public. This event showed that the people and rulers of Hawaiʻi harbored deep feelings of distrust, bitterness, and suspicion toward foreign involvement and land treaties. Additionally, King Lunalilo behaved contrary to King Kamehameha V’s example by electing three American ministers to seats of power and by cooperating and associating himself with the missionaries.

The truth is that I'm a bad person. But, that's gonna change - I'm going to change. This is the last of that sort of thing. Now I'm cleaning up and I'm moving on, going straight and choosing life. I'm looking forward to it already. I'm gonna be just like you. The job, the family, the fucking big television. The washing machine, the car, the compact disc and electric tin opener, good health, low cholesterol, dental insurance, mortgage, starter home, leisure wear, luggage, three piece suite, DIY, game shows, junk food, children, walks in the park, nine to five, good at golf, washing the car, choice of sweaters, family Christmas, indexed pension, tax exemption, clearing gutters, getting by, looking ahead, the day you die.

With the first banks opened on Monday, the afternoon brought another request from Roosevelt. Stating that he needed the tax revenue, he asked Congress that beer with alcohol content of up to 3.2 percent be made legal; the Eighteenth Amendment did not specify the percentage that constituted an intoxicating beverage. Congress complied. The House passed the bill the very next day with a vote count of 316–97, pushing it to the Senate. Wednesday brought good cheer: The stock market opened for the first time in Roosevelt’s presidency. In a single-day record, the Dow Jones Industrial Average gained over 15 percent—a gain in total market value of $3 billion. By Thursday, for increased fiscal prudence, the Senate had added an exemption for wine to go with beer, but negotiated the alcohol content down to 3.05 percent. Throughout the week, banks were receiving net deposits rather than facing panicked withdrawals. Over the following weeks, the administration developed a sweeping farm package designed to “increase purchasing power of our farmers” and “relieve the pressure of farm mortgages.” To guarantee the safety of bank deposits, the Federal Deposit Insurance Corporation was created. To regulate the entire American stock and bond markets, the Exchange Act of 1933 required companies to report their financial condition accurately to the buying public, establishing the Securities and Exchange Commission. Safety nets such as Social Security for retirement and home loan guarantees for individuals would be added to the government’s portfolio of responsibilities within a couple of years. It was the largest peacetime escalation of government in American history.

Americans have perfected the questionable art of what Suzann Mettler, a professor at Cornell University calls "the submerged state." -- making government policies invisible by administering them through private companies, or through the tax code, instead of just sending recipients checks. In reality tax deductions, credits and exemptions are government support for specific groups of people, in the form of tax dollars not collected, just as cash benefits are. However, many people don't perceive or acknowledge that reality, and wrongly assume that they're not benefiting from the government at all, even when they are.

In a study Suzanne Mettler asked 1,400 Americans whether they had used a government social program. Fifty-seven percent said they had not. Then she asked if they had used one of twenty-one specific federal policies, including child-care tax credits, the Earned Income Tax Credit, employer-sponsored and thus tax exempted health insurance, Medicare, Social Security, unemployment insurance, mortgage-interest deductions, and student loans. It turned out that 96 percent of those who had denied using government programs had in fact used at least one, and the average responder had used four. This clear disconnect between Americans' perception of who benefits from government programs and the reality makes it easier to keep demonizing the "welfare state.

Interest on the PPF account is exempt from income tax in India. Not only does an investment in a PPF account give the highest tax free income to residents, it is also allowed as a deduction u/s. 80C of the income tax act, thereby reducing the taxable income. Thus,