Word: surtax
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Dates: during 1920-1929
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...case their incomes would be heavily levied upon by the income tax collector-net income was almost entirely plowed back into the property each year, or used to acquire new plants and establishments of all sorts. On corporate net income the tax rate was only 12½%, while the surtax rate would have been 50% on both the Fords' incomes had these earnings been distributed to them in the form of dividends. Incidentally, this in part explains Henry Ford's willingness to buy all sorts of business enterprises of late, such as his railroad or his huge...
...Debated, amended and finally passed the Tax Reduction Bill, embodying the Simmons (Democratic) surtax rates (40% maximum...
...entire week the Senate labored over the tax reduction. When the surtax schedules were reached, it was expected that several days would be spent in debate. Instead, after only one day, the Democrats forced a vote and supplanted the Mellon rates by the rates proposed by Senator Simmons, North Carolina, Democrat (surtaxes beginning at 10% on $10,000 increasing to 40% at $500,000; normal tax 2% up to $4,000, 4% from $4,000 to $8,000, 6% above $8,000). The vote on the Simmons plan was 43-40 for the surtaxes and 44-37 on the normal...
...fortnight ago the Senate Finance Committee replaced the original Mellon tax rates (maximum surtax 25%). Last week the Democratic members of the Committee published their own edition of the measure. It is known as the Simmons plan, in honor of Senator Simmons of North Carolina...
...main features of the Finance Committee version are: ¶ Restoration of the original surtax rates proposed by Secretary Mellon (maximum surtax 25%; normal tax 3% up to $4,000, 6% on $4,000 and more...