surtax

noun
sur·​tax | \ ˈsər-ˌtaks How to pronounce surtax (audio) \

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

Examples of surtax in a Sentence

Recent Examples on the Web Single filers would pay a surtax of 9.65 percent above $1 million, then 10.3 and 10.9 percent, respectively, at income above the other two levels. Kyle Smith, National Review, "New Yorkers Lose as Cuomo Spends Big to Save His Neck," 5 Apr. 2021 House Republicans stood in unified opposition to the surtax increase. From Usa Today Network And Wire Reports, USA TODAY, "Smithsonian exhibit, summer camp boom, turn on the lights: News from around our 50 states," 10 Mar. 2021 Once exceeding $1 billion, an additional 1% annual surtax would be added. Sarah Midkiff, refinery29.com, "Why Are So Many People Upset About Elizabeth Warren’s Millionaire Tax?," 2 Mar. 2021 That potentially could push them into a higher tax bracket or increase the amount of Social Security benefits included in gross income or increase the Medicare premium surtax, also known as IRMAA. Bob Carlson, Forbes, "Little-Known Rules And Strategies For Required Minimum Distributions From IRAs," 26 Feb. 2021 Either pay the higher taxes to government or make a donation in the amount of the surtax to qualified 501(c)(3) nonprofit organizations. Star Tribune, "Readers Write: Raising taxes, warring sides of the GOP, aging well," 3 Feb. 2021 Former Vice President Joe Biden is proposing a tax credit for U.S. companies that bring production home and a 10% surtax on profits linked to new factories built overseas. Shawn Donnan, Bloomberg.com, "Factory Jobs Still Head Offshore Despite Trump Promises," 22 Oct. 2020 The Garden State governor’s budget would also make permanent a 2.5% corporate surtax, creating an 11.5% state corporate tax. Jay Starkman, WSJ, "Bidenomics May Repeat FDR’s Blunder," 28 Sep. 2020 Provisions in the plans include: Establishing a 28% corporate tax rate, plus a 10% offshoring penalty surtax, on profits U.S. companies make on overseas production for sales back to the United States. Mary Spicuzza, Milwaukee Journal Sentinel, "Joe Biden proposes tax penalty for offshoring and new credits for investing in U.S. manufacturing," 9 Sep. 2020

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.

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First Known Use of surtax

1881, in the meaning defined at sense 1

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Last Updated

9 Apr 2021

Cite this Entry

“Surtax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/surtax. Accessed 18 Apr. 2021.

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More Definitions for surtax

surtax

noun

English Language Learners Definition of surtax

: 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

surtax

noun
sur·​tax | \ ˈsər-ˌtaks How to pronounce surtax (audio) \

Legal Definition of surtax

: an additional tax over and above a normal tax

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Thesaurus: All synonyms and antonyms for surtax

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