Frank Murphy

“ The power of a state to levy a tax on a legitimate subject, such as a franchise, measured by net assets or net income including tax-exempt federal instrumentalities or their income is likewise well settled. ”

“ Discrimination is not shown merely because a few individual corporations, out of a class of several thousand which ordinarily bear the same or a heavier tax burden, may sustain a lighter tax than that imposed on national banking associations. ”

“ As it operates to measure the tax on the corporate franchise by the entire net income of the corporation, without any discrimination between income which is exempt and that which is not, there is no infringement of any constitutional immunity.'
Appellant finally contends that the tax here in question violates the restriction in R.S. § 5219 that 'the rate shall not be higher than * * * the highest of the rates assessed * * * upon mercantile, manufacturing, and business corporations doing business' within the state. ”