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Surtax

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

An additional charge on an item that is already taxed.

A surtax is a tax on a tax. For example, if a person pays one hundred dollars of tax on one thousand dollars of income, a 5 percent surtax would amount to an additional five dollars.



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The proposal, a heavily symbolic measure seen as having next to no chance of becoming law, would impose a war surtax on income beginning in 2011 -- though it would allow the president to delay implementation by one year upon deciding the US economy is too weak to sustain such a tax shift.
This health care overhaul will be paid for largely with a graduated income surtax on high-income households, as well as four familiar business tax provisions--including a delay in the implementation of worldwide allocation of interest, a limit in treaty benefits for certain deductible payments, codification of the economic substance doctrine and savings from within the health care system.
Can the earnest-looking gang of representatives who unveiled their proposal Tuesday say with a straight face that the health-care surtax they'd levy would actually be paid when it takes effect in 2011?
 
 
 
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