Word: surtaxing
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...Americans threw out the Democrats for letting a social revolution run wild, one that was further inflamed by a clumsy intervention in Southeast Asia. Nor did the science of macroeconomics figure as decisively as Galbraith thinks. The only immediate economic question in 1968 was the extension of the surtax, which both candidates promised (no doubt prematurely) to repeal...
...about a 3% annual expansion of the money supply, which some economists thought too small. Lately, the governors have be come fearful of a renewed inflationary upswing. They are worried about such inflationary forces as higher Social Security payments, huge wage increases (see following story), the end of the surtax in June and the strong possibility of a budget deficit. Result: the FOMC is likely to expand money supply still more slowly, though no one intends to go back to zero growth...
...budget may fall into deficit because of the new law, signed last week by President Nixon, that raises the pay of Government workers by 6%. They also worry that consumer spending may jump because of the recent increase in Social Security benefits and the scheduled end of the 5% surtax on June 30. Thus the board, which has been expanding the money supply in recent weeks, may now rein in a bit. Though there is no talk of returning the economy to the constricting days of absolutely no monetary growth, even a slight shift to slower expansion of the money...
...withholding is aimed primarity at the telephone tax and the 10 per cent surtax which were approved as means of financing the rising cost...
Harvard is forced to deduct the surtax on salaries monthly, but taxes on royalties and honorariums must be assessed privately every year by the April 15 tax deadline...