Word: surtax
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Dates: during 1930-1939
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Possibly you would consider the chief engineer as the outstanding man in this case. His name is T. C. Hsi and he claims Massachusetts Institute of Technology as his alma mater. You may remember that this work was financed by the loan of American wheat plus a surtax on the Chinese customs revenue...
...Senate. There was drafted the law as taxpayers will actually feel it. In the trading across the table, Utah's grey old Reed Smoot, Chairman of the Senate Finance Committee and leading Senate conferee outargued all five Representatives. For his side he won higher normal and surtax rates on income (TIME, June 6), tariffs on copper and lumber as well as coal and oil (TIME, May 30), excise on tires, a levy on bank checks, a cut in the stock transfer tax-all Senate items. In all, 52 disputed provisions in the big bill were compromised in the continuous...
...Rejected (49-to-31) "soak-the-rich" wartime normal and surtax income rates...
...Approved the Finance Committees normal (3%, 6%, 9%) and surtax (45% maximum) income rates...
Individual Incomes. Normal rates were upped to 2% (first $4,000 of net income), 4% (second $4,000) and 7% (all over $8,000). Personal exemptions were reduced to $1.000 for single taxpayers, $2,500 for married. The surtax rate was started with 1% at more than $6,000 net income (instead of at the present $10,500 level) and scaled upward to a maximum of 40% on more than $100,000. The House finally knocked out the 65% maximum surtax on incomes of more than $5,000,000 after the Treasury had convinced it that such a rate would...