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S. J. Res. 5
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

JUNE 24 AND AUGUST 3, 1937

Printed for the use of the Committee on the Judiciary

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COMMITTEE ON THE JUDICIARY

HENRY F. ASHURST, Arizona, Chairman WILLIAM H. KING, Utah

WILLIAM E. BORAH, Idaho M. M. NEELY, West Virginia

GEORGE W. NORRIS, Nebraska FREDERICK VAN NUYS, Indiana

WARREN R. AUSTIN, Vermont PATRICK MCCARRAN, Nevada

FREDERICK STEIWER, Oregon M. M. LOGAN, Kentucky WILLIAM H. DIETERICH, Illinois GEORGE MCGILL, Kansas CARL A. HATCH, New Mexico EDWARD R. BURKE, Nebraska KEY PITTMAN, Nevada TOM CONNALLY, Texas JOSEPH C. O'MAHONEY, Wyoming JAMES H. HUGHES, Delaware

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INCOME-TAX EXEMPTIONS

THURSDAY, JUNE 24, 1937
UNITED STATES SENATE,

SUBCOMMITTEE OF THE
COMMITTEE ON THE JUDICIARY,

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."

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