Word: taxed
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Dates: during 1930-1939
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...described, this transaction looked to some businessmen less like a tax evasion than such a polite device to grease the palms of Latin Americans, as is often necessary to complete a sale...
Simon's Tax was announced to run retroactively from April 1, 1937 for five years. After taking $10,000 as its profit base, it provides generous exemptions in the brackets up to $60,000. Taxpayers with incomes up to that figure can deduct, in addition to their initial $10,000 exemption, one-fifth of the difference between their profits for the year...
...great legal mind of the Rt. Hon. Sir John Allsebrook Simon, long the Empire's highest-paid lawyer. But one day last week he was suddenly congratulated by almost every London newspaper on being the author of what Britons dubbed good-humoredly "Simple Simon's Tax...
...John, when he recently became Chancellor of the Exchequer, found himself in charge of a new tax trap designed for Rearmament profiteers but so objectionable to many potent Britons that there was nothing to do but hastily scrap the design. Its inventor was the Rt. Hon. Arthur Neville Chamberlain, now Prime Minister, who was Chancellor of the Exchequer when he introduced it in the House of Commons as the National Defense Contribution (TIME, May 3). This bill was to help hugely in paying for Rearmament by taxing of British firms on a sliding scale proportionate to the rate at which...
...face-saver for the Prime Minister, Britain's stiff new tax has the same name as the shelved tax trap: The National Defense Contribution. Irrespective of whether a firm's profits are increasing so fast as to suggest "profiteering" or not, Simple Simon's tax is to bear with equal weight on virtually all British firms with annual net profits of more than $10,000 per year. It is a supertax. Its intent is to raise the existing average 25% income tax on British firms to 29% in the case of partnerships, 30% in the case...