From inside the book

What people are saying - Write a review

We haven't found any reviews in the usual places.

Common terms and phrases

Popular passages

Page 1092 - Except as otherwise provided by law, all stocks, bonds, Treasury notes, and other obligations of the United States, shall be exempt from taxation by or under State or municipal or local authority.
Page 916 - 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.
Page 985 - As the States cannot tax the powers, the operations, or the property of the United States, nor the means which they employ to carry their powers into execution, so it has been held that the United States have no power under the Constitution to tax either the instrumentalities or the property of a State.
Page 903 - Loan & Trust Co., 157 US 429 ; 158 US 601.
Page 1088 - ... (b) Exclusions from gross income. — The following items shall not be included in gross income and shall be exempt from taxation under this title: (1) LIFE INSURANCE.
Page 986 - 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.
Page 574 - You did answer the question as to whether or not you are a member of the Communist Party.
Page 915 - Loan & Trust Company, supra. These obligations constitute the contract made by the State, or by its political agency pursuant to its authority, and a tax upon the amounts payable by the terms of the contract has therefore been regarded as bearing directly upon the exercise of the borrowing power of the government.
Page 737 - I would like to insert in the record at this point. The CHAIRMAN. Without objection, that will be the order, also as to this other material.
Page 1100 - Interior, who shall transmit and dispose of such power and energy in such manner as to encourage the most widespread use thereof at the lowest possible rates to consumers consistent with sound business principles, the rate schedules to become effective upon confirmation and approval by the Federal Power Commission.

Bibliographic information