Taxation: the People's BusinessMacmillan, 1924 - 229 pages "Address of the President of the United States before the National Republican Club at the Waldorf-Astoria, New York, February 12, 1924": pages 216-227. |
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25 per cent amount borrowing brackets budget capital gains capital losses class of taxpayers Congress Constitutional amendment corporation curities debt retirement derived from securities duction earned income effect eral ernment estate taxes estimated excess expenditures FEBRUARY 29 Federal Government fiscal Forum magazine give H. J. Res high price level imposed income derived income tax increase industry inheritance tax interest Internal Revenue investment investor issues of tax-exempt large incomes levied Liberty Bonds loans loss in revenue maturing means Mellon ment million dollars municipal bonds ness normal tax ordinary receipts paid payers payment Present law Proposed productive business profits prosperity public debt railroads ratification recommendations reduced refunding Repeal result REVISING THE TAXES Secretary securities issued sinking fund sixteenth amendment Supreme Court tax on earned tax rates TAX REDUCTION tax-exempt securities taxa taxable income taxation taxes on income tion United wealth
Popular passages
Page 7 - Secondly, it may obstruct the industry of the people, and discourage them from applying to certain branches of business which might give maintenance and employment to great multitudes. While it obliges the people to pay, it may thus diminish, or perhaps destroy, some of the funds which might enable them more easily to do so.
Page 195 - It is admitted that there is no express provision in the Constitution that prohibits the general* government from taxing the means and instrumentalities of the States, nor is there any prohibiting the States from taxing the means and instrumentalities of that government. In both cases the exemption rests upon necessary implication...
Page 6 - Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as Little as possible, over and above what it brings into the public treasury of the state.
Page 201 - Constitution — a condition which clearly demonstrates that the purpose was not to change the existing interpretation except to the extent necessary to accomplish the result intended; that is, the prevention of the resort to the sources from which a taxed income was derived in order to cause a direct tax on the income to be a direct tax on the source itself, and thereby to take an income tax out of the class of excises, duties, and imposts and place it in the class of direct taxes.
Page 5 - ... find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the government nor profit to the people.
Page 200 - It is clear on the face of this text that it does not purport to confer power to levy income taxes in a generic sense — an authority already possessed and never questioned — or to limit and distinguish between one kind of income taxes and another, but that the whole purpose of the amendment was to relieve all income taxes when imposed from apportionment from a consideration of the source whence the income was derived.
Page 195 - ... it would seem to follow, as a reasonable, if not a necessary consequence, that the means and instrumentalities employed for carrying on the operations of their governments, for preserving their existence, and fulfilling the high and responsible duties assigned to them in the Constitution, should be left free and unimpaired; should not be liable to be CIVIL SERVICE COMMISSION 525 Supp.
Page 121 - The Congress might well consider whether the higher rates of income and profits taxes can in peace times be effectively productive of revenue, and whether they may not, on the contrary, be destructive of business activity and productive of waste and inefficiency. There is a point at which in peace times high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures and produce industrial stagnation, with consequent unemployment...
Page 194 - The state governments have no right to tax any of the constitutional means employed by the government of the Union to execute its constitutional powers.
Page 195 - ... the means and instrumentalities employed for carrying on the operations of their governments for preserving their existence, and fulfilling the high and responsible duties assigned to them in the Constitution, should be left free and unimpaired; should not be liable to be crippled, much less defeated by the taxing power of another government, which power acknowledges no limits but the will of the legislative body imposing the tax.