Definition of surtax
1 : an extra tax or charge
2 : a graduated income tax in addition to the normal income tax imposed on the amount by which one's net income exceeds a specified sum
Recent Examples of surtax from the Web
Johnson said, noting out a 3.8% surtax on investment income that could be left in place.
Among the Obamacare tax increases that would be repealed are a 3.8 percent investment income tax and a 0.9 percent Medicare surtax.
The bill would repeal provisions of the Affordable Care Act that increased the payroll tax rate for many high-income taxpayers and imposed a surtax on their net investment income.
The repeal of the surtax would be immediate, as opposed to being phased out in the coming years.
President Trump’s proposal to slash individual and business taxes and erase a surtax that funds the Affordable Care Act would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs . . .
But, far from dismantling Obamacare, the Cassidy-Collins plan would allow big, populous states like New York and California to keep the current system in place, including the Medicaid expansion and the surtaxes on high earners.
Enrollment would increase among younger people and decrease among older people. Repeals a 0.9 percent Medicare payroll surtax and a 3.8 percent investment-income tax on wealthy individuals that were introduced in the ACA, effective 2018.
The 2010 law, the budget office noted, increased the payroll tax rate for many high-income taxpayers and imposed a surtax on their net investment income.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'surtax'. Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of surtax
SURTAX Defined for English Language Learners
Definition of surtax for English Language Learners
: a tax that is charged on income which is more than a certain amount and that is charged in addition to the normal income tax
Legal Definition of surtax
: an additional tax over and above a normal tax
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