Joseph McKenna, Citizens' Bank of Louisiana v. Parker…
“ It is also said that if a license tax on the franchise is enforced it must be paid out of the capital, and so, in effect, be a tax upon the capital. That argument would make in every case an exemption of the capital a relief from all taxation, for every tax must in the last analysis come out of the capital. But what, under those circumstances, becomes of the doctrine of a strict construction of a contract exemption of taxes? ”
Joseph McKenna, Citizens' Bank of Louisiana v. Parker…
“ That there is a clear distinction between a property tax on the capital of a corporation and a license tax for the privilege of carrying on the business of the corporation has been so often decided by this and other courts, and is so clear, that it seems almost a waste of words to refer to decisions. ”
Joseph McKenna, Citizens' Bank of Louisiana v. Parker…
“ Where it is contended that exemption from taxation has been granted by contract with the state, the exemption, if any be found to exist, will not be extended by construction, but will be confined to that which is clearly within the terms of the contract. ”
