Word: surtax
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Dates: during 1930-1939
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...Approved in principle by Mr. Roosevelt is broadening the income tax base (by lowering exemption) so as to bring in five or six million new taxpayers. Other features of the Treasury's tentative plan: increasing rates in the $10,000-$50,000 income brackets; lowering the maximum surtax from 75% to 60%. In charge of the new tax study: Representative Jere Cooper of Tennessee...
...years fiscal experts of every U.S. administration have advocated ending the tax exemption of Federal. State and municipal securities. Reasons: 1) it would close an avenue of surtax escape to the rich, 2) would halt the diversion of capital from productive private enterprise, 3) would discourage extravagant borrowing by local governments. But to New York City's peppery little Mayor LaGuardia, head of the U. S. Conference of Mayors, the whole idea is ugly...
...present high surtax (up to 75% on $5,000,000) on upper-bracket personal incomes. Coupled with this was a plea to stop issuing tax-exempt securities.* Thus very rich citizens might be influenced to take normal business risks instead of buying Government bonds...
...would be $80 (normal) plus $140 (capital gain)-or less than 3% on their profit. If the salary were $10,000, the tax on the $5,000 profit would be less than 5%. Not unless their capital gain brought their total income to more than $20,000, when the surtax becomes 15%, would the $5,000 profiteers pay as much as the $500,000 profiteer...
Compromise. The current Revenue Act imposes: 1) surtaxes up to 27% on undistributed profits; 2) taxes up to 79% on all capital gains made from the sale of assets held for less than one year, on 30% of capital gains made from the sale of assets held for ten years. The Revenue Bill passed by the House last March imposed: 1) 16% levies on all corporation profits, a 4% surtax on profits undistributed in dividends; 2) levies on capital gains by taxing all of such gains only when made by the sale of assets held less than 13 months...