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however, has held that Congress may enact a
special income tax act and “impose an
increased or additional tax” upon certain
profits, although they are also taxable under
the general income tax law. United States v.
Hudson, 299 U.S. 498, 500 * * *. It is our
opinion that, since Congress may impose an
additional tax upon a particular type of
income received by a taxpayer, it may do so
regardless of whether or not his operations
as a whole for the entire taxable year result
in a profit taxable under the provisions of
the general income tax law. * * *
Consistent with the foregoing, under present law many
categories of income are treated differently from other
types of income. For example, wages (sec. 61(a)(1)) received
with respect to most kinds of employment are subject to taxes
under section 3101 (F.I.C.A. taxes), in addition to the section 1
taxes on income. Self-employment income (sec. 61(a)(2)) is
subject to taxes under section 1401 (self-employment taxes), in
addition to the section 1 taxes on income. Premature
distributions from certain types of annuities (sec. 61(a)(9)) and
retirement arrangements (sec. 61(a)(11)) are subject to
additional taxes under several subsections of section 72. In
each of these instances, the base of the specially taxed category
of income is not reduced by losses from other categories of
income.
B. Capital Gains and Losses
Section 1 imposes income taxes on individuals. Over the
years, section 1(h) has provided limitations of various sorts on
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