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Constitutional Law-Taxation-Equal Protection-Privileges And Immunities Under The Fourteenth Amendment
Michigan Law Review
Reports having shown that Vermont capital for investment purposes was, due to the existing tax system, being driven out of the state, and that it was difficult to obtain capital from outside at low rates, a statute was enacted which was expected to remedy the difficulties by providing that interest up to five per cent on loans made within the state should be exempt from taxation while income from loans made outside the state should be taxed at a set rate. In a proceeding to test the validity of the measure, the state court upheld the tax, but on appeal …