The Government issued bonds to finance its infrastructure projects. The terms of the bond issue provide that interest income of 6% per annum on the bonds shall be tax-exempt if the bonds were to be held up to the end of five years. Induced by the tax exemption, Mr. Suave purchased bonds worth P10,000,000.00. Subsequently and before the maturity date (end of five years) of the bonds, Congress passed a law revoking the tax exemption on the interest income on the bonds. The law passed by Congress is invalid because it violates the: Group of answer choices a. due process clause. b. non-impairment clause. c. equal protection clause. d. uniformity clause.
The Government issued bonds to finance its infrastructure projects. The terms of the bond issue provide that interest income of 6% per annum on the bonds shall be tax-exempt if the bonds were to be held up to the end of five years. Induced by the tax exemption, Mr. Suave purchased bonds worth P10,000,000.00. Subsequently and before the maturity date (end of five years) of the bonds, Congress passed a law revoking the tax exemption on the interest income on the bonds. The law passed by Congress is invalid because it violates the: Group of answer choices a. due process clause. b. non-impairment clause. c. equal protection clause. d. uniformity clause.
Social Psychology (10th Edition)
10th Edition
ISBN:9780134641287
Author:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Publisher:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Chapter1: Introducing Social Psychology
Section: Chapter Questions
Problem 1RQ1
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The Government issued bonds to finance its infrastructure projects. The terms of the bond issue provide that interest income of 6% per annum on the bonds shall be tax-exempt if the bonds were to be held up to the end of five years. Induced by the tax exemption, Mr. Suave purchased bonds worth P10,000,000.00. Subsequently and before the maturity date (end of five years) of the bonds, Congress passed a law revoking the tax exemption on the interest income on the bonds. The law passed by Congress is invalid because it violates the:
Group of answer choices
a. due process clause.
b. non-impairment clause.
c. equal protection clause.
d. uniformity clause.
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