Word: surtaxable
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...addition regular corporate income taxes were to be upped from 24% to 30% by a new surtax. Base of the excess-profits tax (which takes up to 50% of a corporation's remaining income) was broadened. The net effect of all these income taxes would be virtually to suspend the profit motive for the duration (see p. 77). And gift and estate taxes would be broadened and boosted...
...News. The Treasury's proposals were aimed to collect about $3,600,000,000 more in taxes than this year's estimated revenue of $9,000,000,000. Income taxes were to be made sharply higher (see Table) through the imposition of a new surtax which starts at 11% and mounts with each $2,000 income increase to 75% (as at present) on highest-bracket incomes. To this surtax was to be added a special defense supertax. Result: 4% normal tax plus surtax plus supertax. Heaviest increases would hang on incomes from...
...very least, said Washington observers, the 4% normal income tax would be upped to 6%-some even said 8%; surtax bases would be lowered from $5,000 to $4,000; middle-bracket surtax rates would be raised; personal exemptions might be lowered again; corporation taxes would be increased from 24 to 30%; excess-profits taxes tightened; nuisance taxes might be raised on liquor, tobacco, theatres, cabarets, gasoline, automobiles, radios...
...fixed as the guiding principle. From these clues taxperts could guess the shape of the bill that will destroy next spring's beauty for many a citizen: stiffer excess-profits taxes* (not a straight-out increase in regular corporate income-tax rates); another increase in surtax rates on incomes, probably on those in the so-called "savings" brackets, between $15,000 and $500,000. In the making, taxperts guessed, was some bludgeon being tooled to club upstanding tax-exempt securities into an abject state of taxation...
...document's general forthrightness came cleanest in its politically audacious declaration for increased taxes on the middle brackets, if the national income fails to rise swiftly enough. Also dangerous political doctrine was a demand for reductions in high-bracket surtax rates...