Surtax


Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.

Surtax

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Today, developing strategies to deal with the net investment tax and the Medicare surtax is difficult, because no one knows whether the taxes are here to stay.
A national surtax on real property would discourage local politicians to interfere in the implementation of the tax.
The really interesting part of the surtax and the NJPLGA "loans" is that the insurance companies are prohibited from recouping these monies via increases in any policy premiums (Sections 75 and 78).
If you're taking an IRA distribution beyond the required, you could effectively add to your ordinary income, which increases more of your surtax eligible investment income and could make you pay more taxes than you thought.
In 2013, two new Medicare surtaxes were imposed on certain individuals based on their income.
By making distributions to beneficiaries, trusts and estates may be able not only to avoid the 3.8% surtax, but also to take advantage of the beneficiaries' lower income tax brackets.
In the case of an individual, the surtax is (in addition to any other income tax) for each tax year 3.8% of the lesser of:
Now, the Medicare surtax from Obamacare is a brand-new tax that we need to concern ourselves with going forward as well.
But, in the 1880s, the government of Antonio Guzman Blanco (1879-84) responded to the constant British meddling in Venezuelan politics by imposing a 30 percent surtax on transshipped goods.
1939 The standard rate of income tax is 29 per cent with a surtax of 41 per cent for incomes over EeAu50,000.
The act allows a 1 percent to 3 percent surtax on local property taxes to establish a town fund to pay for projects dealing with open space, affordable housing, historic preservation and recreation.