Word: surtax
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Dates: during 1950-1959
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...operations and months of hospitalization, Scots-born Planter Wilkie began to worry about the length of his stay in England. He knew very well that a visitor who stays longer than six months in Britain must pay full British income tax (in 1947 the rate was 45%, plus surtax on incomes over $8,000. At 10 a.m. on Dec. 2, after an anxious two-day delay, he had himself flown out of England on a stretcher. Wilkie thought he had beaten the tax collector, but Britain's revenue men grabbed him, demanded...
...stock at bargain prices (usually at 85% to 95% of the market price). If the executive sold the stock after holding it at least six months, his profit would be taxed at the low capital-gains rate of 25%. This meant real income for anyone in the surtax bracket. In the past year, more than 100 corporations have adopted stock option plans...
Restaurants reported that their customers would have to relearn the habit of eating five courses instead of three. Complained one waiter: "They have forgotten how to eat." Another reason for Britons' timidity: in spite of their delight that the control is gone and with it the house charge, surtax and other added fees, they cannot afford many of the goodies...