Word: surtax
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...farm programs. He would raise some $60 billion a year in new revenues by delaying the indexing of federal income taxes to inflation; capping Reagan's third-year, 10% tax cut at $1,100 for anyone with an income above $60,000 a year; placing a 10% surtax on incomes over $100,000; requiring all corporations to pay a minimum income tax of 15%; and tightening Internal Revenue Service enforcement...
...harsh economic medicine will work. Faced with a weak franc, record trade deficits and about 10% inflation, Finance Minister Jacques Delors last March imposed an austerity plan that was harsher than anything his conservative predecessors ever proposed. He chopped $7 billion in current spending, imposed a 1% personal income surtax and required each taxpayer to make a loan to the state equal to 10% of last year's income tax. The measures would diminish the purchasing power of virtually all Frenchmen, but they were especially resented by the already hard-hit middle-and upper-income brackets...
...major budget controversy the Senate will face now is whether to accept King's campaign pledge to repeal the 7.5 percent income tax surtax. House leaders have said that insufficient funds exist, but King insists he still supports the tax. Bachrach said that the tax repeal plan is "dead as a doornail," but LoPresti said he hoped some sort of tax cut would go through...
...informal Rose Garden press conference, the President seemed to signal that such a deal was not out of bounds by refusing to rule out a surtax on high income earners. He even appeared to support the efforts being made by a team of congressional budget leaders from both parties who have been meeting with Jim Baker. Later in the week Reagan sounded still more conciliatory, telling a group of editors, "We must join together to bring down deficits, bring down interest rates and revive the economy." The talks exploring a compromise were reaching "a climactic stage," he said, adding...
...House aide described the visitors' views on the chances of the President's budget being passed as "twofold: slim and none." In his continuing campaign to stir up proposals to pare the President's whopping deficits, Republican Senate Majority Leader Howard Baker himself suggested a temporary surtax of 5% to 10% on individual income taxes in 1982. The plan would net an estimated $37 billion and pay for the Administration's defense buildup, but would effectively cancel Reagan's tax cut this July...