Surtax

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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.

References in periodicals archive ?
I got to the office of Supertax and explained the man's predicament.
Former UK Chancellor Alistair Darling - admitted his supertax on bonuses had failed to curb excessive behaviour by the banks
Mr Duncan Smith said the benefits regime often provides little incentive to work, meaning that some people would be taxed on the first eight or nine hours of the first 10 hours they work, describing it as a "supertax".
The supertax could rake in more than pounds 2billion - four times the pounds 550million estimated by the Chancellor in his pre-Budget report.
They particularly liked Mr Darling's plan to impose a 50 per cent supertax on the bonuses of rich bankers and use the cash raised to tackle youth unemployment.
What's more, at 214g/km, it'll side-step Ken Livingstone's forthcoming pounds 25 congestion supertax for Band G motors that emit more than 225g/km.
As per news reports, the federal government is likely to withdraw 4pc supertax imposed on the banking sector for the tax year 2018.
The Liberal Democrat leader said he was not ruling out any options against banks, including a levy like the one-off 50 per cent supertax on bank bonuses imposed by the Labour government last year.
1909: In a revolutionary Budget, Chancellor David Lloyd George introduced a "supertax" of sixpence in the pound for anyone earning more than pounds 5,000 a year, to pay for old age pensions and re-armament: the budget passed after a long battle with the House of Lords.
The report did not contain any great surprises and to an extent the banking sector breathed a sigh of relief as the rumours that a windfall tax on the sector did not come to fruition, although there is the one-off 50% supertax for banker's bonuses over pounds 25,000.
Then Mr Darling admitted his 50p supertax rate has no science behind it and he has no idea how much it will raise.