Word: surtaxable
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...That the falling off of surtax revenues in 1921 (the last year of the 73% maximum tax) was not due to more investment in tax exempt securities but to losses sustained by business in that year...
...normal income tax is placed on the first $4,000 net income, and 6% on all greater net income. No surtaxes are levied on net income of less than $10,000; a 1% surtax is levied on net incomes exceeding $10,000 and not exceeding $12,000; 1% additional on each $2,000 of additional net income until $36,000 is reached; 1% additional for net income exceeding $36,000, but not exceeding $40,000; 1% additional for each $6,000 of additional net income until $100,000 is reached. In addition a 25% exemption is allowed on the taxes...
...Mellon plan, when stripped of its minor provisions, only offers substantial tax relief to the 525,000 individual income surtax payers. I make this statement because Congress could repeal the entire income taxes of the 6,136,000 individuals with incomes of $5,000 or less, which would involve a revenue loss of only $92,790,000, thereby leaving the 525,000 large income surtax payers as the chief beneficiaries of the Mellon income tax recommendations. Dealing with the reduction of surtaxes on these 525,000 incomes in America constitutes the head and front of the Mellon income tax proposals...
Year Maximum Surtax No. of Returns Total Net Incomes...
Readjustment of surtax rates...