41.   Falling bonds means higher borrowing costs and lower investment income, particularly for financial companies which typically hold large bond portfolios.

42.   Exempting investment income, Forbes insists, would stimulate savings.

43.   For economic reasons, Foster believes a flat tax should exempt investment income.

44.   For universities with large endowments, investment income can cover a substantial portion of their costs.

45.   Growth in investment income would mean a smaller contribution from management but no skimming off the top by the company, she added.

46.   Greater personal savings and investment also would result from eliminating taxes on savings and investment income.

47.   Higher investment income helped offset the impact of the strong franc.

48.   Houghton said that he had not heard of problems with unreported business and investment income but that he would look into them.

49.   If a flat tax did exempt investment income, all taxable bonds would become tax-free.

50.   If a softer economy reduces investment income, they say, foundation asset bases could be whittled away.