HomeMy WebLinkAboutRES NO 05-51 · FILED
RESOLUTION NO, 5-51 ~'.A~ !A,%' S. iRVIN
CITY CkERK
RESOLUTION OPPOSING PR0~O~.~.D FEDERAL TAXA-
TION OF INCOMERECEIVED FROM STATE AND
LOCAL BONDS A~rO SECLmITZ~.S. , 1'35t FE:5 3~ ~ii 8: 3 7
WHEREAS, it has been proposed by the Secretary of
Treasury that the traditional exemption of interest received
from state and local bonds and securities from the federal
income tax be repealed, and
WEEAS, this proposal is being advanced under the
guise of plugging a loophole in the present income tax law, sad
WHEREAS, this proposal has been advsnced many times
before, and has been rejected by the Congress of the United
States as economically unsound and politically destructive, and
WHEREAS, the immediate effect of such a proposal would
be to increase the interest on state and local governments of
bond ~and security issues by at least one percent, and
WEEAS, the revenue to be realized by the Federal
Government from the enactment of such a .proposal would be
insignificant as compared to its detrimental effect on the
operations of state and local gover~ments, and
WHEREAS, such a proposal involves the grave constitutional
question of whether the Federal Government may, by such use of
the taxing power, thus impair or interfere with the operations
of state and local governments.
NOW, THEREFORE, BE IT RESOLVED that the Council of the
City- of Bakersfield, sitting in regular-session this ~5th day
of March, 1951, does hereby express its hearty disapproval of
the aforesaid proposal and does hereby urge that the Congress of
the United States defeat the same.
le
BE IT ~I~RTHER RESOLVED that the City Clerk for~ard
a certified copy of this Resolution to each of the following
members of the House of Representatives Ways and Means Committee,
which is presently considering said proposal:
Robert L. Doughton of North Carolina, Chairman
House of Rspresentatives Office Building
~!ashington, D. C.
Cecil R. King of California
House of Representative s Office Building
I~ashington, D. C.
---o0o ..........
I HEREBY CERTIFY that the foregoing Resolution was
passed and adopted by the Council of the City of Bakersfield
at a regular meeting thereof held on the 5th day of March,
1951, by the following vote:
AYES: CAR.NAK~S, CROSS, |~UEHN, r.:Or;r-LOCt(, ~HUP, L~Y, ~:I~MIIN, VANI:)IRkll
~mt:,, .: ~. L...' ........
Council of the City of Bakersfield.