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amendment amount authority avoid basis bonds borrowing brackets budget burden capital cent changes collect Congress continued corporation cost course Court debt Department derived direct earned effect estimated excess exempt existing expenditures fact Federal Government funds further gains give high surtaxes imposed income tax increase individual industry interest internal investment investor issued large incomes less levied limited loss maturing maximum means measure ment million dollars municipal necessary normal tax obligations operation outstanding paid payment period political possible practical present productive profits proposed public debt question rates reach reasonable receipts received recommendations reduced result retirement revenue revision saving Secretary securities issued shows sinking fund situation sound surplus surtax rates tax-exempt securities taxable taxation taxpayers tion Treasury United wealth
Page 15 - Secondly, it may obstruct the industry of the people, and discourage them from applying to certain branches of business which might give maintenance and employment to great multitudes. While it obliges the people to pay, it may thus diminish, or perhaps destroy, some of the funds which might enable them more easily to do so.
Page 203 - It is admitted that there is no express provision in the Constitution that prohibits the general* government from taxing the means and instrumentalities of the States, nor is there any prohibiting the States from taxing the means and instrumentalities of that government. In both cases the exemption rests upon necessary implication...
Page 14 - Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as Little as possible, over and above what it brings into the public treasury of the state.
Page 209 - Constitution — a condition which clearly demonstrates that the purpose was not to change the existing interpretation except to the extent necessary to accomplish the result intended; that is, the prevention of the resort to the sources from which a taxed income was derived in order to cause a direct tax on the income to be a direct tax on the source itself, and thereby to take an income tax out of the class of excises, duties, and imposts and place it in the class of direct taxes.
Page 13 - ... find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the government nor profit to the people.
Page 208 - It is clear on the face of this text that it does not purport to confer power to levy income taxes in a generic sense — an authority already possessed and never questioned — or to limit and distinguish between one kind of income taxes and another, but that the whole purpose of the amendment was to relieve all income taxes when imposed from apportionment from a consideration of the source whence the income was derived.
Page 203 - ... it would seem to follow, as a reasonable, if not a necessary consequence, that the means and instrumentalities employed for carrying on the operations of their governments, for preserving their existence, and fulfilling the high and responsible duties assigned to them in the Constitution, should be left free and unimpaired; should not be liable to be CIVIL SERVICE COMMISSION 525 Supp.
Page 129 - The Congress might well consider whether the higher rates of income and profits taxes can in peace times be effectively productive of revenue, and whether they may not, on the contrary, be destructive of business activity and productive of waste and inefficiency. There is a point at which in peace times high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures and produce industrial stagnation, with consequent unemployment...
Page 202 - The state governments have no right to tax any of the constitutional means employed by the government of the Union to execute its constitutional powers.
Page 203 - ... the means and instrumentalities employed for carrying on the operations of their governments for preserving their existence, and fulfilling the high and responsible duties assigned to them in the Constitution, should be left free and unimpaired; should not be liable to be crippled, much less defeated by the taxing power of another government, which power acknowledges no limits but the will of the legislative body imposing the tax.