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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Net income for the six and three month period ended June 30, 1993 includes $1,765,912 and $882,956 respectively, for the reversal of FAIR Act surtaxes previously accrued in 1991.