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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, December 2, 1936

To the Member Bank Addressed:

We have received several inquiries from member banks as to whether
or not they or their employes are subject to the taxes imposed by the
Social Security Act. We are therefore prompted to advise you that the
Bureau of Internal Revenue has held that neither national banks, state
member banks of the Federal Reserve System, nor their employes are
subject to the taxes imposed by the Act. In this connection we refer you
to page 857 of the November, 1936 issue of the Federal Reserve Bulletin.

Yours very truly,
b. a

. McK i n n e y ,
President.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102