Word: surtax
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...income tax was immediately turned to as the first and easiest source of additional revenue. Conservative Republicans favored an increased normal tax (now 1½, 3% and 5%), reduced exemptions (now $1,500 for single persons. $3,500 for married folk) and a general jumping of surtax rates. Senator Smoot favored an increase in the maximum surtax from 20% to 40%. "Progressive" Senators, probably holding the balance of power, clamored for stiffer surtax rates on incomes above $20,000 per year, opposed any move against small taxpayers. Also discussed were new levies on automobiles, radios, amusement admissions, estates, gifts. Only...