Word: surtax
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...Surtax...
...Surtax...
...Surtax...
...Surtax...
...income tax was immediately turned to as the first and easiest source of additional revenue. Conservative Republicans favored an increased normal tax (now 1½, 3% and 5%), reduced exemptions (now $1,500 for single persons. $3,500 for married folk) and a general jumping of surtax rates. Senator Smoot favored an increase in the maximum surtax from 20% to 40%. "Progressive" Senators, probably holding the balance of power, clamored for stiffer surtax rates on incomes above $20,000 per year, opposed any move against small taxpayers. Also discussed were new levies on automobiles, radios, amusement admissions, estates, gifts. Only...