Word: surtaxing
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Answers in Part. What accounts for labor's militancy? One reason is prosperity. In a time of low unemployment (now 3.8%), the worker commands a premium. Other goads are inflation and ever rising local and state taxes-not to mention the threat of a new 10% fed eral surtax (see following story). In their drive for higher wages, union members are rejecting one-seventh of the contracts accepted by their leaders...
Another distortion in the tax system is the multiple surtax exemption for related corporations. Normally, corporations pay 22 per cent on all taxable income, but they pay a surtax of 26 per cent on all taxable income over $25,000. A corporation can avoid paying 48 per cent on its income over $48,000 by forming several subsidiaries, each with a taxable income of less than $25,000. There are other good reasons for forming subsidiaries, such as to limit a corporation's liability, but a single enterprise should not receive a bunch of surtax exemptions just because...
Under the 10 per cent surtax plan, a taxpayer would calculate his tax in the normal manner under the existing rate. He then would calculate 10 per cent of the tax and add it to the tax to obtain the amount which he owed the government...
...solutions. No doubt Congress will reduce the 10 per cent figure to six or eight per cent before voting on it; even at 10 per cent it is no panacea: the tax hike will not eliminate the deficit, it will just reduce it. Nor will it stop inflation; the surtax will be a brake to help slow the economy down. Fiscal policy, such as the tax hike, is effective only when employed at the first signs of an economic trend, not six months later. The signs are clear...
...point. July will be the low month." Most businessmen agree that earnings should improve slightly, but there is bound to be cost cutting and perhaps price increases to help. The Government, they maintain, could help out too. Strong feeling is developing against the President's proposed surtax of 6% or higher on earnings, on the grounds that this is no time to take another bite where the fare has thinned...