Word: surtax
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Dates: during 1930-1939
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...that their operating losses can be claimed as deductions from income; 5) borrowing money from personal holding companies so as to claim the interest as an income deduction; 6) creating trusts for wife, children and relatives so as to divide family income and keep it out of the highest surtax brackets; 7) taking wives and children into partnership for the same purpose; 8) creating pension trusts, which pay reduced taxes, for the benefit not of ordinary employes but of a few high officers of a company. To these dodges Mr. Morgenthau added three others "which the law itself permits...
...impossible at this time to state accurately the net earnings of this corporation for its fiscal year ending May 31, 1937, and consequently the amount of this surtax, if no distribution is made by the corporation during the fiscal year which is taxable to the stockholders as such, is estimated to exceed $20,000. A serious situation has thus been created because of the relatively small amount of cash in possession of the corporation. This shortage . . . is due to prudent anticipation of raw material requirements, and while this anticipation, coupled with temporary stoppage of shipments due to automobile strikes...
Republic Steel, enjoying steel's best sea son in years, showed a nine-month profit of $6,333,649 as against $3,264,295 last year. President Tom Mercer Girdler estimated that the surtax on Republic's undis tributed profits would amount...
...been steadily increasing. Yet almost all of the purchases have been made on a cash rather than a margin basis. Manipulation of margin requirements, technical recessions will not affect these holders of securities. And, since the sale of their stocks is made prohibitively expensive by the capital gains surtax, this group will remain on the long side of the market until there is a wholesale loss of confidence with resulting collapse of values. The absence of profit taking on the way up, inevitably accelerates the inflation of values and paves the way for a deflationary debacle...
...schedule of estate taxes higher than those in force was ordered written. Next the stiff excess profits tax proposed by the House was pared down. Personal income tax exemptions were cut from $2,500 to $2,000 for married people, from $1,000 to $800 for single persons. Surtaxes were increased from the bottom up. These new rates would boost the taxes of every married income taxpayer at least $20 a year, would make everyone with an income over $5,000 a year pay a surtax, would add $60 a year to the tax of a man earning...