Word: surtaxable
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...taken advantage of a 1957 agreement and arranged a postponement of $138.1 million in repayments due the U.S. and $34.3 million due Canada on British reconstruction loans. As if all that were not enough, the General Agreement on Tariffs and Trade (GATT) denounced as "inconsistent" the 15% surtax Britain had placed on imports in an effort to right the out-of-joint balance of trade, and demanded that it be removed. Says Sir Leon Bagrit, the chairman of Elliott-Automation Ltd.: "The British economy is a little like Gulliver in Lilliput, when he could not move because of hundreds...
...tightening tariff barriers to favor agriculture and mining at home. The Latin Americans themselves further hamper things by placing restrictive measures on exports in the misguided notion that they are encouraging local processors and manufacturers. Brazil sometimes sets quotas on cotton and sugar exports; Uruguay imposes a 20% surtax on export wool. Other nations peg their export prices without making any provision for the inflation that gallops through most of Latin America...
...granted graduated income-tax exemptions for children to help their parents pay higher school bills. But Thorneycroft's boldest move was to single out for relief the 300,000 Britons-mostly engineers, executives, scientists-who earn more than ?2,000 ($5,600) a year and therefore pay a surtax on top of their regular income tax. It was the first break surtax payers have had since 1920. Said Thorneycroft: "We are determined that in the society which we seek to create there should always be room...
...RELIEF for small business stands chance of congressional approval this session. Both parties have introduced measures, but one of Arkansas Democratic Senator Fulbright stands best chance, would lower corporate taxes to 22% from 30% on taxable income below $25,000, raise surtax rate from 22% to 31% on income over $25,000. Fulbright figures change would add $20 million to U.S. collections, and so far it has backing of 35 other Senators of both parties...
...income taxes, fixed selling prices and exchange-rate penalties that added up to 85% of operating income, provides for an ingenious graduated income tax in reverse. If production stays at present levels, the companies will pay 50% of operating income as their basic tax, plus 25% as a surtax. But the surtax will shrink with increased production and disappear entirely when production is doubled...