The Birmingham age-herald., 1922-05-22
WHY THE WEALTHY PURCHASE
 TAX-EXEMPT BONDS

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 Savings in their income taxes made by rich people by investing their money in federal state and municipal tax-exempt bonds are shown in table to be seen at the offices of invest ment brokers. The weathier a is the more he saves by buying this class of security.
 The man whose income, subject to surtaxes, is between $10000 and $2o,Oo0, and who is protected by per cent tax-exempt bond is we'll off as though the bonds were taxable and bore rate of interest of 5 AZ per cent If his income is between $24,000 and $25, ,000, tax-exempt bonds bearing per cent interest the equivalent of tax-paying bonds bearing 5.95 per cent interest. If his income, subject to surtaxes, is between. $50,000 and $52000, and he has per cent non-taxable bonds they 7.05 per cent interest In case his income subject to surtaxes, is as much as $100, ,000, tax-exempt bonds bearing per cent interest will be the equivalent of taxable bonds bearing Il 30 per cent interest.
 The income tax law fails of it's purpose in reaching the wealthy to the extent of the diff ference between the tax-exempt and the taxable security. The tax-exempt security yields a higher return than the taxable security whose face bears higher rate of interest.
 Cliff Pinchot walked into the editorial rooms of the Philadelphia Public Ledger all by himself to express his thanks The Public Ledger staff so impressed by his democratic simplicity that Cliff was immediately given a front-page story.
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 Airpanes are being used to bomb locusts in Russia. The Chinese are using machine guns and arplanes in civil war. Civilization is marching on.
 Lady Astor called Montreal a 'one-horse town Bulletins from the patients bedside in dicate that the crisis was successfully passed.
 
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 Senator Lodge says he knows Clifford Pin chot, but he doesn't go so far as to say he enjoys the acquaintance.
 Semenoff has gained his freedom and is now in position to resume secret negotiations with the anti-bolsheviks right where he left off.
 Mr. Dempsey explains his monocle by saying it's joke, thus setting at rest grave fears for his physical and mental well-being.
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