Word: supertax
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Dates: during 1940-1949
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Liaison & Action. That same day Premier Robert Schuman's new inflation remedy, the "supertax" on incomes over 450,000 francs ($3,798), became law when it was rubberstamped by the toothless Council of the Republic (upper house of the legislature, replacing the old Senate). Communists and Gaullists in the Assembly had been against the supertax. Now this formidable new grouping of the classes moyennes, most of whose people were probably Gaullist voters or sympathizers, was out to do battle against...
Premier Schuman proposed a new "supertax" of 20% to 40% on incomes over 450,000 francs ($3,778). The relatively rich people affected could either pay the tax or buy an equivalent amount of government bonds. The revenue, and the resulting cut in French purchasing power, was estimated at 150 billion francs...
...instead of the present 4%) on taxable income from $4,000 to $6,000, rises steeply to a top rate of 75% (as at present) on taxable income of $5,000,000 or over. All this is in addition to the present normal tax of 4% and the additional supertax of 10% for national defense...
...Income taxes were to be made sharply higher (see Table) through the imposition of a new surtax which starts at 11% and mounts with each $2,000 income increase to 75% (as at present) on highest-bracket incomes. To this surtax was to be added a special defense supertax. Result: 4% normal tax plus surtax plus supertax. Heaviest increases would hang on incomes from...
What the bill meant to 3,500,000 Federal income taxpayers (corporate and individual) was a 10% supertax, for five years starting next March 15, to be added to the amount normally payable. Anticipated additional revenue: $226,000,000. Rest of the $656,000,000 is to come from upped levies on distilled spirits ($91,000,000); beer ($46,000.000); gasoline (from 1? to 1 ½? per gallon, $112,000,000); cigarets (up 1? per pack, $77,000,000); amusements (tickets costing 31? or more will be taxed; present taxable minimum is 41?, $25,000,000); increases in most other...