INCOME-TAX EXEMPNS

COMMITTEE ON THE JUDICIARY

UNITED STATES SENATE

SEVENTY-FIFTH CONGRESS

FIRST SESSION

ON

S. J. Res. 5

RARY

DIV.

P142-43

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE
CONSTITUTION OF THE UNITED STATES TO ENABLE THE
UNITED STATES TO LAY AND COLLECT TAXES ON INCOME
DERIVED FROM SECURITIES ISSUED BY ANY STATE, AND
TO ENABLE EACH STATE TO LAY AND COLLECT TAXES ON
INCOME DERIVED BY RESIDENTS FROM SECURITIES
ISSUED UNDER AUTHORITY OF THE UNITED STATES

AND

S. J. Res. 154

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE
CONSTITUTION OF THE UNITED STATES RELATIVE TO
TAXES ON CERTAIN SECURITIES AND THE INCOME DE-
RIVED THEREFROM AND ON THE COMPENSATION OF
OFFICERS AND EMPLOYEES OF THE STATES AND THEIR
POLITICAL SUBDIVISIONS

9069

JUNE 24 AND AUGUST 3, 1937

Printed for the usc of the Committee on the Judiciary

STANFORD
LIBRARIES

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1937

CONTENTS

Statement of Senator Augustine Lonergan_

Letter from Senator Lonergan to the Secretary of the Treasury, dated

June 4, 1937..

Reply thereto, dated June 10, 1937.

Letter to Senator Lonergan from Edwin R. Seligman, dated June 18,

1937_.

Tabulation of tax-exempt securities as of 1936.

Page

2

Statement of Representative McFarlane, of Texas.
Extract from Congressional Record-

Statement of Senator Harry Flood Byrd..

Letter to Senator Byrd from Assistant Secretary of the Treasury,

December 22, 1936

41

Tables referred to in said letter..

43-45

Statement of—

Statement of C. F. Stam, counsel for Joint Committee on Internal Revenue

Taxation__

Senator Augustine Lonergan, of Connecticut_.

Roswell Magill, Under Secretary of the Treasury.

Franklin S. Edmonds, Philadelphia, Pa..

III