Proposed Taxation of Individual and Corporate Incomes: Inheritances and Gifts. Hearings...1935 - 320 pages |
Common terms and phrases
ability to pay administration ALVORD amount balance the Budget bill brackets burden capital CHAIRMAN CHANDLER class I railroads CLAUSEN committee community chests Congress consideration COOPER corporation income tax course death death taxes debt DINGELL dividends DONNELLY DOUGHTON earnings economic employment enterprise estate tax exemption expenditures favor Federal Government FERGUSON FLETCHER gentleman gift tax going graduated corporation income graduated corporation tax graduated tax HILL holding company imposed income-tax increase individual industry inheritance tax investment investors KNUTSON large corporations legislation levied LEWIS McCORMACK mean ment million dollars net income Ohio OSGOOD paid PARKER percent poration present President President's message principle produce profit progressive tax proposed question railroads reduce reference Revenue Act SARGENT Secretary MORGENTHAU SEIDMAN statement stockholders suggestion surtax tax rates taxable taxation things tion TREADWAY Treasury United VINSON wealth WOODRUFF
Popular passages
Page 82 - State legislatures, requiring that no person shall be denied the equal protection of the laws.
Page 82 - The provision in the fourteenth amendment, that no state shall deny to. any person within its jurisdiction the equal protection of the laws, was not intended to prevent a state from adjusting its system of taxation in all proper and reasonable ways. It may, if it chooses, exempt certain classes of property from any taxation at all, such as churches, libraries, and the property of charitable institutions.
Page 108 - Such contributions or gifts shall be allowable as deductions only if verified under rules and regulations prescribed by the Commissioner, with the approval of the Secretary.
Page 62 - The desire to provide security for one's self and one's family is natural and wholesome, but it is adequately served by a reasonable inheritance. Great accumulations of wealth cannot be justified on the basis of personal and family security. In the last analysis such accumulations amount to the perpetuation of great and undesirable concentration of control in a relatively few individuals over the employment and welfare of many, many others.
Page 82 - In levying excise taxes the most ample authority has been recognized from the beginning to select some and omit other possible subjects of taxation, to select one calling and omit another, to tax one class of property and to forbear to tax another.
Page 141 - ... at least 80 per centum of its gross income for the taxable year is derived from royalties, dividends, interest, annuities, and (except in the case of regular dealers in stock or securities) gains from the sale of stock or securities, and...
Page 83 - After all, there is such a thing as killing the goose that lays the golden eggs.
Page 139 - Stock owned, directly or Indirectly, by or for a corporation, partnership, estate, or trust, shall be considered as being owned proportionately by or for Its shareholders, partners, or beneficiaries...
Page 139 - ... in value of its outstanding stock is owned, directly or indirectly, by or for not more than five individuals.
Page 51 - I renew, however, at this time the recommendations made by my predecessors for the submission and ratification of a constitutional amendment whereby the Federal Government will be permitted to tax the income on subsequently issued State and local securities and likewise for the taxation by State and local governments of future issues of Federal securities.