Word: surtaxes
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...high surtax rates are a product of the war. They came with the War Revenue Act of 1917. In 1918 they were increased to their highest point. The Revenue Act of 1921 reduced them to a maximum of 50 per cent, or a combined normal and surtax of 58 per cent, but even this approximates the war levels...
...Harding felt, however, that it is too early to judge the effects of the present tax law. In any case he would favor a reduction in the general income tax rather than in the surtax so as to relieve the small tax payer in preference to the very wealthy...
...surtax rates a year ago ranged up to 65%. Now the maximum surtax is 50%. On the basis of March tax returns he now renews his recommendation that maximum surtaxes be reduced to 25%. He asserts that such readustment would yield as large or larger revenues...
...rate of $5 for each inch of deficiency? We hardly think so. If they did, we might see an alarming increase in the number of Colgate alumni to be found among the Living Skeletons and the Human Matchsticks at the circus. Colgate may need the money; but a surtax on waistlines is a dangerous way to raise...