Word: supertax
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...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...
...brackets British income and supertax payers are being assessed 85% -basic British income tax rate is 37½%. The Chancellor last week invaded lower brackets, making supertax begin at incomes of $5,250 instead of $7,000, and again treating the British white-collar class rough. A married but childless Briton making $1,050 whose income tax was $17.50 the year before last and $24.50 last year will...
...Contribution. Irrespective of whether a firm's profits are increasing so fast as to suggest "profiteering" or not, Simple Simon's tax is to bear with equal weight on virtually all British firms with annual net profits of more than $10,000 per year. It is a supertax. Its intent is to raise the existing average 25% income tax on British firms to 29% in the case of partnerships, 30% in the case of corporations. Exempt from such super-taxing for Rearmament are to be salaried employes, doctors, lawyers, accountants and professional people generally-very few of whom...
...Scullin tariff imposes a 50% supertax on numerous importations including cigarets, locomotives, spirits, matches. Eighty commodities are totally barred from importation by one of the stiffest embargoes ever imposed...