Word: surtax
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...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...
...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...