Word: surtaxes
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...Rely on the individual income tax (16% normal rate, up to 50% surtax) for most of the Federal revenue, because that tax interferes least with business activity. Increase its rates to reduce public spending power in boom times. Make it simple and let it stand until the U.S. changes its fiscal or social policy...
Simplification. Actually there were several good points in the Treasury proposal. One of the great burdens of the tax system is that most taxpayers now must calculate and pay three separate Federal income taxes-the Victory tax, the normal tax and the surtax, each of which has a different set of exemptions and deductions. The Treasury proposed one consolidated income tax, in effect, by eliminating the Victory tax and the earned-income credit...
Just Money. For the rest of its hoped-for billions, the Treasury suggested: 1) $400,000,000 more from estate and gift taxes; 2) $1.1 billion from raising the normal tax and surtax rate for corporations from 40% to 50% for companies with net incomes of over $50,000 a year. Nobody squawked much at this: neither corporations nor dead men vote. But these taxes are no solution of the inflation problem...
More Sense. Congress likewise showed sense in setting normal, surtax and excess-profits tax rates low enough to leave corporations some financial incentive to keep down costs and turn out more goods. The Treasury's proposed 55% normal-plus-surtax rate (on corporations with more than $25,000 incomes) was hammered down to 45% in the House, down to the Senate's 40% in the final draft. Excess-profits tax rates soar up to 90% but the conference adopted the Senate proposal providing that no more than 80% of any company's net income shall be taken...
...cent tax on his entire income with no deductions of any kind. He pays the same per cent on his sub-standard wage as the millionaire does on his income. This is called the "victory tax." More truthfully, it is equality in democratic reverse. The Senate ignored entirely any surtax on luxury spending and the body as a whole once again has declined to levy taxes on State bonds. Large proportions of these incomes find hideaway refuge behind the skirts of the States to thumb their noses at the Federal Treasury...