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addition adoption amount authority banks bonds borrow burden Canada collect committee compensation Congress considered constitutional amendment corporation debt December decision desire dollars Dominion effect employees estimated excise exempt existing fact favor Federal Government Federal securities Finance francs further future issues governmental held House imposed income derived income tax increase individuals industry interest Internal investment Italy Joint judges June 30 Justice legislation levy limited loan March means measure ment municipal necessary normal obligations officers opinion outstanding partially percent permit persons possible present President principal privilege proposed question reason received recommendations record referred Representatives resolution result revenue salaries Secretary securities issued Senator Senator BYRD Senator LONERGAN sources Stam statement Supreme Court surtax tax on income tax the income tax-exempt securities taxable taxation tion Treasury United United States Government wholly York
24. lappuse - The right to tax the contract to any extent, when made, must operate upon the power to borrow before it is exercised, and have a sensible influence on the contract. The extent of this influence depends on the will of a distinct government. To any extent, however inconsiderable, it is a burden on the operations of government. It may be carried to an extent which shall arrest them entirely.
1. lappuse - That the following article is hereby proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by conventions in three-fourths of the several States : "ARTICLE "SECTION 1.
53. lappuse - 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, and is upheld by the great law of self-preservation...
31. lappuse - If the right to impose the tax exists, it is a right which in its nature acknowledges no limits. It may be carried to any extent, within the jurisdiction of the state or corporation which imposes it, which the will of each state and corporation may prescribe.
7. lappuse - ... (4) Interest upon (A) the obligations of a State, Territory, or any political subdivision thereof, or the District of Columbia...
31. lappuse - All subjects over which the sovereign power of a state extends are objects of taxation; but those over which it does not extend are, upon the soundest principles, exempt from taxation.
8. lappuse - In the case of obligations of the United States issued after September 1, 1917 (other than postal savings certificates of deposit...
11. lappuse - Another reform which is urgent in our fiscal system is the abolition of the right to issue tax-exempt securities. The existing system not only permits ^a large amount of the wealth of the Nation to escape its just burden but acts as a continual stimulant to municipal extravagance. This should be prohibited by constitutional amendment. All the wealth of the Nation ought to contribute its fair share to the expenses of the Nation.
22. lappuse - The general government, and the States, although both exist within the same territorial limits, are separate and distinct sovereignties, acting separately and independently of each other, within their respective spheres. The former in its appropriate sphere is supreme; but the States within the limits of their powers not granted, or, in the language of the Tenth Amendment, "reserved," are as independent of the general government as that government within its sphere is independent of the States.