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UNIVERSIT
Fix this textOP VIRGINIA
Fix this textLECTURE 4.
Fix this textTHE GROWTH OF FINANCIAL PONER
Fix this textuniform
Fix this textTAKATION
Fix this textThis lecture will tell the strange story of how
Fix this textthe Commonwealth’s power to give money to the States led to
Fix this textthe Commonwealth’s monopoly of income taxation.
Fix this textThe saying in Holy Writ - ""The Lord giveth, and the
Fix this textLord taketh away; blessed be the name of the Lord"" - is, in
Fix this textmaterial terms, right in point.
Fix this textI begin by setting out the source and nature of the
Fix this textCommonwealth’s power to give money to the States.
Fix this textSection 96 of the Commonwealth Constitution reads
Fix this textas follows:
Fix this text“During a period often years after the
Fix this textestablishment of the Commonwealth and thereafter until
Fix this textthe Parliament otherwise provides, the Parliament may
Fix this textgrant financial assistance to any State on such terms
Fix this textand conditions as the Parliament thinks fit.
Fix this textAn earlier section, Section 87, known as the Braddon
Fix this textClause,
Fix this textsaid -
Fix this text“During a period often years after the establishment
Fix this textof the Commonwealth and thereafter until the Parliament
Fix this textotherwise provides, of the net revenue of the
Fix this textIt's easy and takes two shakes of a lamb's tail!
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