Surtax

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Surtax

A tax added to the normal tax paid by corporations or individuals who have earned income above a certain level.

Surtax

An additional tax placed on a person or corporation on a tax liability. For example, a government may calculate one's tax liability and simply add, say, 5% to it. Surtaxes are often politically unpopular. A surtax is also called a supertax.
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While Darling considers a one-year supertax on bankers' huge bonuses, speculation is mounting that he is planning measures to ensure other big earners also pay their fair share towards reviving the economy.
CITY investment bank Goldman Sachs could bear the cost of the supertax on staff bonuses to halt an exodus of its best traders.
I wonder if the Environment Secretary will also impose a supertax on binliners in the future.
So if push comes to shove, far better if the bankers pack their bags than if Darling surrenders - running up the white flag would be a disaster if he dropped a 50 per cent supertax on pounds 25,000-plus windfalls that most workers can only dream of.
Take in landing charges and airport taxes, and you'll soon have to be in the supertax bracket before you can afford a free seat.
It is said to be "looking closely" at Chancellor Alistair Darling's supertax.
Common sense should have told the taxmen that a struggling mum doesn't leap from the poverty line to a supertax salary.
It is said to be "looking closely" at the Chancellor's supertax.
IN his Pre-Budget Report, Chancellor Alistair Darling imposed a one-off, 50% supertax on bankers' bonuses over pounds 25,000.
SLAPPING a 50% supertax on bankers' bumper bonuses will be popular everywhere outside of City wine bars.
The Pre-Budget Report is expected to propose a supertax on wealthy bankers to curb the bonus culture.