Word: surtaxable
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...million wage earners subject to withholding, last week's paychecks reflected an extra 10% tax on the tax they had already been paying. Because the surtax is retroactive to April 1 for individuals, some will discover at income tax filing that they have to pay more than has been deducted. Those who normally receive a refund will find the Government check is smaller. Since it will cover only nine months, the surtax for the full calendar year 1968 will be 7.5%. Corporations get the full treatment. For them, the retroactivity extends back...
...modest and equitable temporary income tax is far better," said Lyndon Johnson last month when he signed the surtax bill, "than the cruel and haphazard tax of rising prices and spiraling interest rates." Most concerned about how the tax-and-spending package emerged are the President's economic advisers. What they originally proposed was a tax surcharge only; for them, the spending downhold that Congress insisted on came as a jolt. The combination seemed like a jet pilot applying full flaps at the same time he throttles back. What worries the Council of Economic Advisers is, first, whether...
...second quarter of 1968, the gross national product-the sum total of everything produced in the U.S.-rose $19.6 billion rather than the $20 billion to $22 billion that had been estimated. Government economists, believing that the economy is malleable, intend to take it from there. Once the surtax has cooled off the inflationary situation, Washington experts intend to heat up the economy again...
...matter how much economists slide-rule the economy, many imponderables remain. One is the U.S. corporation and how it will respond to another swerve in policy. The surtax will have some bad effects for companies: it will cut into corporate profits and decrease spending for improvements. At the same time, the new tax ought to make some change in the tenor of company-union relations. Up to now, when labor negotiations are fiercer than usual, the advantage has been with labor. With full employment and rising prices, unions have been able to negotiate contracts with an average increase...
Detroit is counting on the last six months' being as rewarding as the first. In this mood, automakers are unloading heavy summer inventories on their dealers-some 2,920,000 cars against 2,270,000 last year. Nor do most automakers expect a setback when the 10% surtax nips at buyers' paychecks. Says Chrysler President Virgil Boyd: "The public has been oriented to the inevitability of a tax increase for a year...