Word: surtax
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Dates: during 1930-1939
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Generally considered the '"brains" of the House Ways & Means Committee where all tax legislation originates, Representative Isaac ("Ike") Bacharach of New Jersey simultaneously suggested an increase in the surtax rate (now 20%) on incomes above $100,000, heavier inheritance taxes, a sales tax on "luxuries and non-essentials." Said...
...raised to 25%. Coalition Philip Snowden having restored in his 1930-31 budget the 6d lopped off the tax by Conservative Winston Churchill in 1925, last week restored the 6d which Conservative Baldwin cut away in 1923. The tax climbed back to five shillings in the pound. The surtax rate on all incomes over $9,720 has been raised 10% in all brackets. Exemptions have been cut to incomes of only $486 a year for single persons and $729 for childless married...
...lush condition of the Irish Free State's finances was not arrived at without squeezing the taxpayers. Its income tax (three shillings in the pound) is almost as great as Britain's (four shillings sixpence), though its surtax is approximately 50% less. At the same time that Minister Blythe announced his surplus he announced a tax on gasoline of 8 cents a gallon, increased the entertainment tax on talking films to 6 cents a foot. Indirectly he increased the troubles of President Gerardo Machado of Cuba by raising the customs duty on sugar to 2 cents a pound...
Insurgent Senator Norris soon and openly declared himself for raising the Federal inheritance tax. Senator Borah advocated increasing the income surtax.* But neither expected Congress to have the "courage" to meet the tax problem before the 1932 elections...
Finally the budget provides for building a second super-cruiser like the famed Ertsatz Prcussen (TIME, Nov. 26, 1928). As pacifists, the Socialists stomached this hateful appropriation only when Finance Minister Hermann Dietrich consented to find the money by doubling the German surtax, i.e. poor Socialist workmen who naturally pay no surtax (a luxury of the rich) will not pay one pfennig toward the new war boat...