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SECURITIES AND SALARIES

HEARINGS

BEFORE THE

7SPECIAL COMMITTEE ON TAXATION OF
GOVERNMENTAL SECURITIES AND SALARIES

UNITED STATES SENATE

h

SEVENTY-SIXTH CONGRESS

FIRST SESSION

PURSUANT TO

S. Res. 303 (75th Congress)

A RESOLUTION ESTABLISHING A SPECIAL COMMITTEE
ON THE TAXATION OF GOVERNMENTAL

SECURITIES AND SALARIES

PART 1

JANUARY 18, 1939

Printed for the use of the Special Committee on Taxation of

Governmental Securities and Salaries

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SPECIAL COMMITTEE ON TAXATION OF GOVERNMENTAL

SECURITIES AND SALARIES

PRENTISS M. BROWN, Michigan, Chairman HARRY FLOOD BYRD, Virginia

JOHN G. TOWNSEND, JR., Delaware M. M. LOGAN, Kentucky

WARREN R. AUSTIN, Vermont JOHN E. MILLER, Arkansas

LIBRARY OF CONGRESS

FEB 2 7 1939

DIVISION OF DOCUMENTS

TAXATION OF GOVERNMENTAL SECURITIES AND

SALARIES

WEDNESDAY, JANUARY 18, 1939

UNITED STATES SENATE,
SPECIAL COMMITTEE ON TAXATION OF
GOVERNMENTAL SECURITIES AND SALARIES,

Washington, D. C. The special committee met, pursuant to call, at 10 a. m., in the committee room of the Senate Finance Committee, Senate Office Building, Senator Prentiss Brown, chairman, presiding.

Present: Senators Brown (chairman), Logan, Townsend, and Austin.

The CHAIRMAN. The committee will come to order.

We will have the resolution creating this special committee incorporated in the record, and the President's Message of April 25, 1938, also incorporated, immediately following the resolution.

[S. Res. 303, 75th Cong., 3d sess. ]

RESOLUTION

Resolved, That there is hereby established a special committee on the taxation of governmental securities and salaries, to be appointed by the President of the Senate, which shall be composed of three Senators who are members of the Committee on Finance and three Senators who are members of the Committee on the Judiciary. The committee shall select a chairman from among its members. A vacancy in the committee shall not affect the power of the remaining members to execute its functions, and shall be filled in the same manner as the original appointment.

SEC. 2. It shall be the duty of the committee to make a thorough study and investigation with respect to the taxation, and the exemption from taxation, of (1) securities issued by or under the authority of the United States or the several States or political subdivisions thereof ; (2) income derived from such securities; and (3) income received as compensation from the United States or from any State or political subdivision thereof. The committee shall report to the Senate the result of its study and investigation, together with such recommendations as it deems advisable, not later than March 1, 1939, at which time all authority conferred by this resolution shall expire.

Sec. 3. The committee, or any subcommittee thereof, shall have power to hold hearings and to sit and act at such times and places, to require by subpena or otherwise the attendance of such witnesses and the production of such ooks, papers, and documents, to administer such oaths, to take such testimony, to have such printing and binding done, and to make such expenditures as it deems advisable. Subpenas shall be issued under the signature of the chairman of the committee and shall be served by any person designated by him.

The expenses of the said investigation, which shall not exceed $5,000, shall be paid out of the contingent fund of the Senate, upon vouchers approved by the chairman of the committee.

Sec. 4. The committee shall have power to employ and fix the compensation of such officers, experts, and employees as it deems necessary in the perform

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