Emergency Tax

Emergency Tax

 

a mandatory payment made to the state and exacted only under special circumstances, such as the advent of war.

Emergency taxes are levied either by imposing new taxes or by raising existing tax rates. They were widely used in Russia and Great Britain during World War I and in Great Britain, the USA, and Germany during World War II. In capitalist countries the working people pay the bulk of emergency taxes; the capitalists usually try to avoid such taxation. When the monopolies have to pay emergency taxes, the expenditure is recovered through a faster rate of depreciation or through overt or covert subsidies granted by the state—for example, military orders may be filled at higher prices. Thus, between 1945 and 1955, American monopolies were repaid $25.7 billion, which amounted to over half of the taxes they paid in World War II.

Emergency taxes have been used in the USSR as a way of attracting capital from the population to finance extraordinary state expenditures. In 1918, during the Civil War, a one-time emergency revolutionary tax was imposed on the well-off strata of the population, raising 10 billion rubles. A tax was collected from all citizens in 1922 to help famine victims, and a one-time tax was introduced in 1924 to counter the effects of a crop failure. A war increment imposed on income and agricultural taxes in 1941 was replaced in 1942 by a war tax, which was abolished in 1946.

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TTB is waiving tax penalties to those affected by the fires, and the California state Board of Equalization is offering emergency tax relief and an extension of up to three months.
The SALT deduction has been in place since the commencement of the income tax in 1913 and has its roots in an 1862 emergency tax to fund the Union's Civil War efforts.
Houston Mayor Sylvester Turner wants an emergency tax rate hike to help pay for damage Harvey caused the city, and City Council has already scheduled hearings on the proposal.
Depending on the size of the small pension, you may have to pay emergency tax initially, then reclaim any overpaid.
Mr Bozman said: "She was on emergency tax and had rent issues.
But, especially if any lingering hostility toward emergency tax credit extensions remains, and, for example, the plaintiffs in King vs.
ATHENS, Greece, Jumada I 22, 1434, Apr 3, 2013, SPA -- Party leaders in Greece's coalition government are holding an emergency meeting to try to work out a compromise over an emergency tax - hours before rescue lenders are due to resume a debt inspection in Athens, according to AP.
The mistake happened because workers were issued with P45s before their final payments, which sent them into the emergency tax band at 40 to 50%.
His latest big idea is to slap an emergency tax on our highest earners.
Japan Diet OKs bill for emergency tax hikes for quake reconstruction
The government has also barely begun collecting another emergency tax on property that had been announced earlier in September.

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