Alton R. Co. v. Railroad Retirement Board

BAILEY, Justice.

On August 29, 1935, the President approved two acts of Congress, one “To establish a retirement system for employees of carriers subject to the Interstate Commerce Act, and for other purposes” (49 Stat. 967 [45 U.S.C.A. § 215 et seq.; 42 U.S.C.A. § 410a]), and the other “To levy an excise tax upon carriers and an income tax upon their employees” (49 Stat. 974 [45 U.S.C.A. § 241 et seq.]). The latter act provides that there shall be levied upon the income of every employee of these carriers 3y2 per centum of the compensation of such employee, not in excess of $300 per month,…