A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE AND S. J. Res. 154 A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE 9069 JUNE 24 AND AUGUST 3, 1937 Printed for the use of the Committee on the Judiciary UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1937 باشد؟ Statement of Representative McFarlane, of Texas. Statement of Senator Augustine Lonergan_ Letter from Senator Lonergan to the Secretary of the Treasury, dated Reply thereto, dated June 10, 1937- Letter to Senator Lonergan from Edwin R. Seligman, dated June 18, Tabulation of tax-exempt securities as of 1936-- Tables referred to in said letter.. 43-45 III INCOME-TAX EXEMPTIONS THURSDAY, JUNE 24, 1937 UNITED STATES SENATE, SUBCOMMITTEE OF THE Washington, D. C. The subcommittee convened in the committee room, Capitol, at 10:30 a. m., Senator Frederick Van Nuys (chairman) presiding. Present: Senators Van Nuys (presiding), McGill, and Austin. Present also: Senator Augustine Lonergan, of Connecticut; Senator Harry Flood Byrd, of Virginia; and C. F. Stam, counsel for Joint Committee on Internal Revenue Taxation. The subcommittee had under consideration the following: Senate Joint Resolution 5, introduced by Senator Lonergan, proposing an amendment to the Constitution of the United States to abolish tax-exempt securities, both State and Federal. Senate Joint Resolution 154, introduced by Senator Byrd, proposing an amendment to the Constitution of the United States to abolish tax-exempt securities, both State and Federal; and providing for a tax by the States upon incomes of Federal employees, and for a tax by the Federal Government upon the incomes of State employees. Said Senate Joint Resolution 5 and Senate Joint Resolution 154, respectively, are here set forth in full, as follows: [S. J. Res. 5, 75th Cong., 1st sess.] 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 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution, which shall be valid to all intents and purposes as a part of the Constitution when ratified by conventions in three-fourths of the several States, which conventions shall be composed in each State of delegates elected by a majority vote of the electors of the State voting at such election: "ARTICLE "SECTION 1. The United States shall have power to lay and collect taxes on income derived from securities issued after the ratification of this article by or under the authority of any State, but without discrimination against income derived from such securities and in favor of income derived from securities issued after the ratification of this article by or under the authority of the United States or any other State. "SEC. 2. Each State shall have power to lay and collect taxes on income derived by its residents from securities issued after the ratification of this article by or under the authority of the United Statse, but without discrimination against income derived from such securities and in favor of income derived from securities issued after the ratification of this article by or under the authority of each State." 1 |