Surtax


Surtax

A tax levied on top of another tax. A surtax can be calculated as a percentage of a certain amount or it can be a flat dollar amount. A surtax is generally assessed to fund a specific government program, whereas regular income or sales taxes are used to fund a variety of programs. Thus, one unique feature of a surtax is that it allows taxpayers to more easily see how much money the government is collecting and spending for a particular program.

For example, in 1968, President Johnson enacted a 10% surtax on individual and corporate income to help pay for the cost of fighting the Vietnam War. While most taxpayers probably did not know what percentage of their tax dollars were going toward military spending, they could easily see how much extra money they were being asked to contribute specifically to the war effort.


Investment dictionary. . 2012.

Look at other dictionaries:

  • surtax — sur·tax / sər ˌtaks/ n: an additional tax over and above a normal tax Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. surtax …   Law dictionary

  • surtax — [sʉr′taks΄] n. [ SUR 1 + TAX, based on Fr surtaxe] an extra tax on something already taxed; esp. a graduated tax on the amount by which an income exceeds a given figure vt. to levy a surtax on …   English World dictionary

  • Surtax — Sur tax, n. An additional or extra tax. [1913 Webster] …   The Collaborative International Dictionary of English

  • Surtax — Sur*tax , v. t. To impose an additional tax on. [1913 Webster] …   The Collaborative International Dictionary of English

  • surtax — extra tax, 1881, from Fr. surtaxe, from O.Fr. sur over + taxe tax (see TAX (Cf. tax)) …   Etymology dictionary

  • surtax — ► NOUN ▪ an additional tax on something already taxed, especially a higher rate of tax on incomes above a certain level …   English terms dictionary

  • Surtax — A surtax, in its simplest form, is essentially a tax levied upon a tax.United StatesThe most recent example of a broadly levied surtax in the United States was one imposed to help finance the Vietnam War during the Lyndon B. Johnson… …   Wikipedia

  • surtax — A tax added to the normal tax paid by corporations or individuals who have earned income above a certain level. Bloomberg Financial Dictionary * * * surtax sur‧tax [ˈsɜːtæks ǁ ˈsɜːr ] noun [countable, uncountable] TAX an additional tax paid by… …   Financial and business terms

  • Surtax — Liste des personnages d Astérix le Gaulois Voici la liste des personnages de la bande dessinée Astérix le Gaulois par René Goscinny et Albert Uderzo, classés par ordre alphabétique. Sommaire 1 Personnages du village 1.1 Abraracourcix 1.2… …   Wikipédia en Français

  • surtax — n. to impose a surtax (on) * * * [ sɜːtæks] to impose a surtax (on) …   Combinatory dictionary


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