Word: surtax
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Answers in Part. What accounts for labor's militancy? One reason is prosperity. In a time of low unemployment (now 3.8%), the worker commands a premium. Other goads are inflation and ever rising local and state taxes-not to mention the threat of a new 10% fed eral surtax (see following story). In their drive for higher wages, union members are rejecting one-seventh of the contracts accepted by their leaders...
...Chairman Wilbur Mills impatiently twirled his cigarette holder and fired off barbed questions, seven leading economists trooped before the House Ways and Means Committee last week to support the Administration's call for a 10% surtax on personal and corporate incomes. Well over 300 academic economists mobilized by Walter W. Heller, former chairman of the President's Council of Economic Advisers, added their written endorsement. Then came businessmen declaring themselves fit to be tithed and a covey of Administration officials pleading for higher taxes...
Another distortion in the tax system is the multiple surtax exemption for related corporations. Normally, corporations pay 22 per cent on all taxable income, but they pay a surtax of 26 per cent on all taxable income over $25,000. A corporation can avoid paying 48 per cent on its income over $48,000 by forming several subsidiaries, each with a taxable income of less than $25,000. There are other good reasons for forming subsidiaries, such as to limit a corporation's liability, but a single enterprise should not receive a bunch of surtax exemptions just because...
Under the 10 per cent surtax plan, a taxpayer would calculate his tax in the normal manner under the existing rate. He then would calculate 10 per cent of the tax and add it to the tax to obtain the amount which he owed the government...
...solutions. No doubt Congress will reduce the 10 per cent figure to six or eight per cent before voting on it; even at 10 per cent it is no panacea: the tax hike will not eliminate the deficit, it will just reduce it. Nor will it stop inflation; the surtax will be a brake to help slow the economy down. Fiscal policy, such as the tax hike, is effective only when employed at the first signs of an economic trend, not six months later. The signs are clear...