I'll have plenty of commentary for the show, but here are a couple scraps of evidence without commentary (though emphasis was added), the first from the Supreme Court, the other two from the official income tax regulations from 1956.
- Larken Rose
“It is elementary law that every statute is to be read in the light of the Constitution. However broad and general its language it cannot be interpreted as extending beyond those matters which it was within the constitutional power of the legislature to reach.” [McCullough v. Virginia, 172 U.S. 102]
"§ 39.21—1 Meaning of net income
(a) The tax imposed by chapter 1 is upon income. Neither income exempted by statute or FUNDAMENTAL LAW, nor expenses incurred in connection therewith, other than interest, enter into the computation of net income as defined by section 21."
"§ 39.22 (b)—1 Exemptions; exclusions from gross income
Certain items of income specified in section 22(b) are exempt from tax and may be excluded from gross income. These items, however, are exempt only to the extent and in the amount specified. No other items may be excluded from gross income except (a) those items of income which are, UNDER THE CONSTITUTION, NOT TAXABLE BY THE FEDERAL GOVERNMENT; (b) those items of income which are exempt from tax on income under the provisions of any act of Congress still in effect; and (c) the income excluded under the provisions of the Internal Revenue Code (see particularly section 116)."
Hi