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Posted by Drew Edmundson on February 26, 2007, 1:13 am
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hedges@bloomington.com wrote:
> The power to tax is the power to destroy. Therefore, the
> fed govt is not permitted to tax state/muni bonds and the
> states are not allowed to tax the fed bonds. However, this
> is a question of one state's ability to tax another state's
> bonds.
>
> Like the moderator, I'd say the Supreme Court will agree to
> hear the case and Kentucky or any state, may not tax the
> bonds/muni's of another state, as the power to tax is the
> power to destroy. I think the reason this issue has not come
> up before, is that the amount in question in these state tax
> matters is usually to small for an individual to take to the
> Supreme Court.
I don't think the amounts are that small. For a particular
taxpayer, yes, but overall it is a lot of money. At least
here in NC the lawyers, one in particular, have been pretty
successful in making it a class action. Some have become
quite rich from the attorney's fees for the intangibles tax
case and our various government pension cases.
--
Drew Edmundson, CPA
Cary, NC
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