Word: surtax
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...less were exempted entirely from the undistributed profits tax. The second basket placed a trifling undistributed profits tax (maximum: 4%) on all other corporations- with certain exceptions. One exception was closely-held corporations making more than $75,000. For this group-in the third basket-the surtax and income tax together would work out in most cases at less than the highest effective rate at present: 32.4%. But the third basket would catch relatively few corporations...
...Began debate on the new tax bill, which contains provisions for modifying capital gains and undistributed profits taxes, imposing a 20% surtax on closely held corporations whose capitalization exceeds $1,000,000, revoking the Treasury Department's right to publish lists of salaries over $15,000 a year...
...During the special session Congress started to revise a tax bitterly attacked by business since its enactment in 1936-the (1 surtax on large incomes, 2 nuisance tax, 3 Federal sales tax, 4 inheritance tax, 5 tax on undistributed profits...
Third Basket: Closely-held corporations earning more than $50,000 would be subject to an additional surtax. By elaborate definition a corporation would be "closely held" if a family owned 50% of its stock or two unrelated persons owned 53%, three persons owned 56%, and so on up to ten persons owning 75%. The surtax would apply only if a closely-held corporation failed to distribute less than 60% of its profits. And while the rate would be 20%, the surtax would be figured on a different base with a number of heavy credits. In most cases the surtax...
...Passed, 173-to-0, the "Plug the Tax-Loophole" Bill, which would place a 65% to 75% levy on personal holding companies, including yachts and racing stables and foreign holding companies; require officers and directors of foreign holding companies to file returns every month; apply regular surtax levies instead of a flat 10% to nonresident aliens' income from this country, on incomes exceeding $21,600. Additional revenue expected: 50 to 100 millions...