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What is the McCulloch v. Maryland case about. Why is the case a landmark decision and still important today?

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The McCulloch v. Maryland case involves a state's attempt to tax a federally created bank $15,000/year; it was a landmark decision because of its ruling that subordinated the power of the state to that of the federal government. The ruling of the Supreme Court stated, 

Because federal laws have supremacy over state laws, Maryland had no power to interfere with the bank's operation by taxing it.

This ruling is one of the most important rulings on the expansion of Federal power; for, it overturned the ruling of the Maryland courts that the state...

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