Word: surtax
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...Exemptions were reduced from $3,500 to $2,500 for married persons, from $1,500 to $1,000 for single. The 25% credit on earned income up to $30,000 was reduced to 12½% on incomes up to $12,000. The surtax rate which now stops at 20% was stepped up much faster to 40% on incomes of more than $100,000 per year. What a married man with no dependents would have to pay was set forth in the following table by the Ways & Means Committee...
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