Word: surtax
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...chewing gum, diamond rings and matches, motor trucks and penny candy, yachts and 3¢ stamps, radios and bottled "pop." Hundred-million-dollar levies were twirled around like so many rubber balls. As in a knife-throwing exhibition, it pitched sharp imposts at individuals and industries. It juggled normal rates, surtax rates, corporation rates, gift rates, inheritance rates, stock rates, dividend rates into a high and hazy jumble. Then it bundled all its handiwork up into one conglomerate bill, which it passed by vote of 327-to-64 and sent to the Senate with the hope that it would raise...
...except the dissatisfaction of members with this backlog tax, no political power except his own arguments. Yet so well did he regiment the opposition to the Sales Tax fortnight ago that the House, as a preliminary to replacing that levy with other forms of revenue, boosted the normal and surtax rates beyond those in the bill. Under his spurring last week the House...
...degree of taxation, not in principle. To tax a million-dollar-per-year man $500,000 is no more "confiscation" than to tax him $1. To the charge that they had run riot, Democrats pointed to the fact that the proposals to increase the normal tax, the surtax and the inheritance tax all came from Republicans and could not have carried without strong Republican support...
...Debated the tax bill, upping normal and surtax rates above the Ways & Means Committee's figures...
...substitute heavier levies elsewhere in the bill. The bill already raised the normal tax on net incomes (after deduction) of $8,000 or more from the present 5% to 6%. The House voted (121-to-81) to boost this levy to 7%. Where the bill upped the maximum surtax from 20% to 40% on over $100,000, the House voted (153-to-87) to invoke again the Wartime scale of surtaxes, boosting the rate beyond the $100,000 mark to a maximum levy of 65% on incomes over $5,000,000. Next by a vote...