Word: surtax
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Dates: during 1950-1959
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...granted graduated income-tax exemptions for children to help their parents pay higher school bills. But Thorneycroft's boldest move was to single out for relief the 300,000 Britons-mostly engineers, executives, scientists-who earn more than ?2,000 ($5,600) a year and therefore pay a surtax on top of their regular income tax. It was the first break surtax payers have had since 1920. Said Thorneycroft: "We are determined that in the society which we seek to create there should always be room...
...RELIEF for small business stands chance of congressional approval this session. Both parties have introduced measures, but one of Arkansas Democratic Senator Fulbright stands best chance, would lower corporate taxes to 22% from 30% on taxable income below $25,000, raise surtax rate from 22% to 31% on income over $25,000. Fulbright figures change would add $20 million to U.S. collections, and so far it has backing of 35 other Senators of both parties...
...income taxes, fixed selling prices and exchange-rate penalties that added up to 85% of operating income, provides for an ingenious graduated income tax in reverse. If production stays at present levels, the companies will pay 50% of operating income as their basic tax, plus 25% as a surtax. But the surtax will shrink with increased production and disappear entirely when production is doubled...
...will be changed to "imposed") and its sections rearranged and renumbered in more logical order. (Moaned one Washington tax lawyer: "There goes a life's work out the window for me. Now I won't be able to name the section on anything.") ¶ Normal tax and surtax will be combined in a single rate, eliminating the need for computing both. ¶ An unmarried, widowed, legally separated or divorced taxpayer supporting certain members of his or her family will be entitled to "head of the family" status, thus giving the taxpayer the full income-splitting tax benefits...
...shares of stock, then valued at $2.80 a share. A year later, however, roused by Sir John's tax-free present and a similar gift made by Austin Motor Car Co. Ltd. to Managing Director Leonard P. Lord, Britain's Labor government levied a retroactive surtax on such deals, deprived Sir John of 95% of his gift...