National Life Insurance v. United States

Mr. Justice Brandéis,

dissenting.

Ever since Corporation Tax Act, August 5, 1909, c. 6, § 38, 36 Stat. 11, 112, the United States has laid upon life insurance companies a special excise tax measured by net income. But the several révenue acts have varied as to the rate of the tax and also as to the method of computing the taxable income. That is, the items to be included in gross income and the items to bé allowed as deductions havé- been changed from time to time. In the earliest act no' deduction was made of interest, on tax-exempt bonds. Until 1921, the gross income considered included…