31.   Those are the same households that own financial assets and will get a boost if income is taxed at a lower rate, he said.

32.   Under the tax plans proposed by Gramm and Buchanan, not to mention fellow contenders Bob Dole and Lamar Alexander, investment income would be taxed.

33.   Under a true flat tax, all income would be taxed at a single rate and all tax deductions and preferences would be eliminated.

34.   Under current law, such income is taxed only if the policyholder cashes in before death.

35.   Unlike the current system, which taxes income, the flat tax plans basically would tax consumption because income set aside for savings would be sheltered.

36.   We took this case to decide whether States may tax interest income derived from repurchase agreements involving federal securities.

37.   If the United States achieves further reforms and starts taxing all income at the same rate, analysts believe other countries will follow.

38.   President Bush and House leaders in both parties are opposing a new Social Security proposal that would create individual investment accounts by cutting benefits and taxing more income.

39.   The EU has for years grappled with how to tax interest income earned in low-tax nations.

40.   The court struck down the law, saying it discriminated against interstate commerce and allowed the state to indirectly tax income it has no authority to tax directly.