Tax-exempt Securities: Hearings Before the Committee on Ways and Means, House of Representatives, Seventy-sixth Congress, First Session...June 28, 29, 30, and July 1, 5, and 11, 1939 |
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adopted amount Attorney bonds issued borrowing bridges burden callable bonds Carolina League CHAIRMAN City Clerk committee Congress consent constitutional amendment corporate council County debt Department of Justice DISNEY effect estimates Federal Government Federal income tax Federal securities Federal tax Federal taxation financing funds further Resolved future issues Government to tax HANES Helvering hereby immunity impose income from municipal interest costs interest rate investment January 16 levy LUTZ Mayor LAGUARDIA McCORMACK ment municipal bonds municipal employees Municipal League municipal securities Oklahoma opposed outstanding percent political subdivisions Pollock port authority power to tax present progressive tax proposed legislation question reciprocal taxation refunding Representatives resolution be sent result salaries Secretary Senate sixteenth amendment statement Supreme Court surtax tax the income tax-exempt securities taxable taxation of Federal taxation of municipal taxing power taxpayers tion toll bridges TREADWAY Treasury Department United States Senators Whereas the Federal York
Popular passages
Page 198 - WHEREAS, there is now pending before the Congress of the United States a bill to...
Page 223 - No moneys shall ever be paid out of the treasury of this State, or any of its funds, or any of the funds under its management, except in pursuance of an appropriation by law; nor unless such payment be made within two years next after the passage of such appropriation act; and every such law making a new appropriation, or continuing or reviving an appropriation, shall distinctly specify the sum appropriated, and the object to which it is to be applied; and it shall not be sufficient for such law...
Page 223 - Neither the credit nor the money of the State shall be given or loaned to or in aid of any association, corporation or private undertaking. This section shall not, however, prevent the Legislature from making such provision for the education and support of the blind, the deaf and dumb, and juvenile delinquents, as to it may seem proper. Nor shall it apply to any fund or property now held, or which may hereafter...
Page 200 - The other principle, exemplified by those cases where the tax laid upon Individuals affects the state only as the burden Is passed on to It by the taxpayer, forbids recognition of the Immunity when the burden on the state Is so speculative and uncertain that If allowed It would restrict the federal taxing power without affording any corresponding tangible protection to the state government...
Page 286 - Congress be, and they are hereby, requested to oppose the statute above mentioned, and the city clerk be and he is hereby instructed to send a copy of this resolution to the United States Senators Sinathers and Milton and Senator-elect Barbour, and Congressmen Hartley, Vreeland, and Kean.
Page 100 - That for the purposes of this title (except as otherwise provided in section 233) the term "gross income"— (a) Includes gains, profits, and income derived from salaries, wages, or compensation for personal service (including in the case of the President of the United States, the judges of the Supreme and inferior courts of the United States, and all other officers and employees, whether elected or appointed, of the United States, Alaska, Hawaii, or any political subdivision thereof, or the District...
Page 88 - It is not enough to say that this particular case was not in the mind of the convention when the article was framed, nor of the American people when it was adopted. It is necessary to go farther and to say that had this particular case been suggested, the language would have been so varied as to exclude it, or it would have been made a special exception.
Page 89 - It is not enough to say, that this particular case was not in the mind of the convention, when the 'article was framed, nor of the American people, when it was adopted. It is necessary to go further, and to say that, had this particular case been suggested, the language would have been so varied, as to exclude it or it would have been made a special exception. The case being within the words of the rule, must be within its operation likewise, unless there be something in the literal construction...
Page 91 - ... forbids the application to such taxes of the rule applied in the Pollock case by which alone such taxes were removed from the great class of excises, duties, and imposts subject to the rule of uniformity and were placed under the other or direct class.
Page 92 - incomes' in the Sixteenth Amendment should be read in a 'sense most obvious to the common understanding at the time of its adoption.