Unemployment Compensation Extended Benefits Program and Inclusion of Tax-exempt Income in the Taxation of Social Security Benefits: Hearing Before the Subcommittee on Social Security and Income Maintenance Programs of the Committee on Finance, United States Senate, Ninety-eighth Congress, First Session, on S. 1113, August 1, 1983 |
Other editions - View all
Common terms and phrases
additional adjusted gross income AFL-CIO Amendments of 1983 arbitrage bend points benefit taxation formula bill Chairman changes Committee CONGRESS THE LIBRARY costs deductions earnings EB program economic eligible enacted extended benefits program Federal Government Federal Supplemental Finance going high unemployment included inclusion of tax-exempt income tax increase individuals insured unemployment rate investment issue labor LEBENTHAL legislation levels LIBRARY OF CONGRESS marginal tax rates ment Michigan Michigan Senate million municipal bonds national trigger OASDI obligations PEARLMAN percent Pollock price-indexing problem received repeal retirement revenue Senator ARMSTRONG Senator CHAFEE Senator D'AMATO Senator LEVIN Senator LONG Senator MASTIN Senator MATSUNAGA Sixteenth Amendment Social Security Amendments social security benefits statement Subcommittee Supreme Court tax-exempt bonds tax-exempt income tax-exempt interest taxable income taxation of benefits taxation of social taxpayers Thank threshold tion Treasury U.S. SENATOR unem unemployed workers unemployment compensation unemployment insurance weeks
Popular passages
Page 150 - As repeatedly held, this did not extend the taxing power to new subjects, but merely removed the necessity which otherwise might exist for an apportionment among the States of taxes laid on income.
Page 145 - For purposes of this section, the term "charitable contribution" means a contribution or gift to or for the use of — (1) A State, a Territory, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes.
Page 149 - Joint Resolution. Proposing an amendment to the Constitution of the United States. Resolved by the Senate and House of Representatives of the United States...
Page 153 - Congress shall have power to lay and collect direct taxes on incomes without apportionment among the several states, according to population.
Page 149 - As pointed out in recent decisions, it does not extend the taxing power to new or excepted subjects, but merely removes all occasion, which otherwise might exist, for an apportionment among the States of taxes laid on income, whether it be derived from one source or another.
Page 156 - Obligations, including interest thereon, issued by local public agencies for projects assisted pursuant to this title, and income derived by such agencies from such projects, shall be exempt from all taxation now or hereafter imposed by the United States.
Page 152 - It has been sustained where, as in Collector v. Day, the function involved was one thought to be essential to the maintenance of a state government : as where the attempt was to tax income received from the investments of a municipal subdivision of a state, United States v.
Page 9 - For purposes of this subsection, the term "industrial development bond" means any obligation — (A) which is issued as part of an issue all or a major portion of the proceeds of which are to be used directly or indirectly in...
Page 150 - 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 166 - ... in taxable obligations which are, in turn, to be held as security for the retirement of the obligations of the governmental unit. 2. Where the proceeds of the issue are to be used to refund outstanding obligations which are first callable more than five years in the future, and in the interim, are to be invested in taxable obligations held as security for the satisfaction of either the current issue or the issue to be refunded.