Word: taxed
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Dates: during 1930-1939
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...Bone apparently failed to take into account that many States do not allow taxpayers to deduct Federal taxes in figuring their State income tax. Bone, Nye & Co. proposed such wartime tax rates that many top-bracket taxpayers would find their total taxes all but swallowing their net income (but not exceeding it, as newspapers reported last week). In New York, for example (which has a State tax graduated up to 7% plus a 1% emergency tax), a $500,000-a-year man in a war year would have to pay Federal and State income taxes totaling...
...only one of above $5,000,000. But Bone & Associates proposed to lower the personal exemption for single persons from $1,000 to $500, for married persons from $2,500 to $1,000, reduce allowances for dependents from $400 to $100, up the basic tax from 4% to 6%. Proposed takings from sample taxable net incomes (before State taxes): $60 from $1,000, $860 from $6,000, $11,080 from $20,000, $90,280 from $100,000, $9,891,280 from $10,000,000. Corporations would have to turn over to the U. S. all net income in excess...
When Franklin Roosevelt began to talk of collecting Federal income taxes on salaries of State & municipal officials (at the same time suggesting reciprocal tax powers for the States), he was primarily seeking new sources of Federal revenue. The way to such a source was apparently opened last year by the Supreme Court's ruling that the U. S. might tax the pay of employes of the Port of New York Authority and similar quasi-public bodies (TIME, June...
...York's Attorney General retaliated for the Port Authority levy by trying to collect State income tax upon the Federal salary of an attorney for HOLC (TIME, Nov. 28). Utah's Attorney General tried to collect on the salary of an RFC attorney. In each case, the State's high court ruled against its Attorney General. No one was surprised, for 120 years ago, in a somewhat similar case, McCulloch v. Maryland, U. S. Chief Justice Marshall ruled against Maryland saying: "The power to tax involves the power to destroy." This week the U. S. Supreme Court...
...bill to make all State & municipal employes pay income tax to the Federal Government was passed last month by the House. In the Senate, whose members did not relish inflicting pain on their political machines back home, it faced a fight. Government lawyers this week declared that the Supreme Court's new ruling cut both ways, rendered such legislation unnecessary except to relieve State & municipal employes from levies retroactive to 1926. To take advantage of the new ruling, however, most States will have to amend their income tax laws, which specifically exempt Federal salaries. Especially prompt to act should...