Word: surtaxes
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...might think it meant getting more taxes out of people previously untaxed. Actually it would make some 5,000,000 more citizens file returns, and over 95% of the revenue it added would come from present taxpayers paying taxes on more of their income or shoved up into higher surtax brackets...
Joint returns were dead as far as the committee is concerned. Also dead was the Treasury plan to abandon the average-earnings base in computing excess profits. The committee might shave surtaxes for the $5,000 to $20,000 group, will probably add some new excise taxes if only to have them on hand as bargaining points in wrangling with the House over broadening the income base. By merging last year's special defense tax with the surtax rate, the committee proposed to increase the lowest surtax rate from 5% to 6%, readjust upward the rate for higher brackets...
Some of the additional revenues would be raised by imposing a surtax which starts at 5% on the first $2,000 of taxable income, jumps to 11% (instead of the present 4%) on taxable income from $4,000 to $6,000, rises steeply to a top rate of 75% (as at present) on taxable income of $5,000,000 or over. All this is in addition to the present normal tax of 4% and the additional supertax of 10% for national defense...
...bill, as shaped by the Committee, would up corporation taxes to a staggering $4,354,200,000. It not only would impose the first surtax ever levied on corporate income: 5% on surtax net income of $25,000 or less, 6% on anything over that. But excess-profits taxes will start at 35% (instead of 25%), rise to 60% (instead of 50%), and, most important of all, will be calculated before instead of after deducting normal taxes, thereby greatly increasing the levy. Moreover, the present 8% credit on invested capital is cut to 7% on capital over...
...Congress stiff (see p. 21). Heretofore, most families with incomes from $2,000 to $10,000 have been taxed a lower per centage of their incomes than the poor (who are hit hardest by consumption tax es) and a lower percentage than the rich (who have real trouble with surtaxes). The Treasury proposed to end this free tax ride abruptly by imposing an 11% surtax on top of the present 4.4% income and defense tax in the very lowest taxable bracket. Higher incomes also face stiff increases, but none so great proportionately. In addition, the Treasury proposed to syphon...