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- W2009092105 abstract "THIs STUDY DEALT with individual motives and standards. A questionnaire based on the hypothetical investment of $5 million was answered anonymously by key advisers in fifty banks and investment houses, including seven of the ten largest banks and firms handling at least 40 per cent of stock-exchange business. The results indicated that advisers would recommend that only 60 per cent be placed in tax-exempts and that many individuals who could secure tax advantage purchased few or no municipals. The five-page questionnaire explored why yield after taxes was not the only consideration. The primary reason for restricting investment was fear of inflation, and the second related reason was lack of possibility of capital gain. Rated third was poor marketability, but this and the traditional objections of tax repeal or substantially lower taxes were of small importance. Rating agencies were utilized by 75 per cent of investment firms and a preponderance of the banks. Many relied on them. Moody's rating was the most popular; Standard & Poor was used only somewhat. The rating services have difficulty in securing information and reducing it to an absolute standard. By 1956, the median point at which advisers were suggesting some tax-exempts was in the 35 and 40 per cent income tax brackets. Some recommended them in the 20 per cent bracket, and none thought it necessary that the tax bracket exceed 50 per cent. In 1946 the median tax bracket had more nearly been 50 per cent, and some advisers would not have recommended them below 75 per cent. By 1956 no capital test was significant; tax bracket was the key test. In 1946, wealth of $300,000-$500,000 had been considered necessary. Approximately 20 per cent of tax-exempt purchases would be in revenue bonds. Individual investors tended to space maturities rather than limiting or increasing purchases because of conviction as to the course of interest rates." @default.
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- W2009092105 date "1961-03-01" @default.
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- W2009092105 title "INDIVIDUAL PURCHASES OF TAX-EXEMPT BONDS IN THE 1946-56 DECADE*" @default.
- W2009092105 doi "https://doi.org/10.1111/j.1540-6261.1961.tb02805.x" @default.
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