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.

References in periodicals archive ?
CHICAGO -- While the Katrina Emergency Tax Relief Act of 2005 (KETRA), which was signed into law on Sept.
His company, the UK's largest independent tax adviser, is running an emergency tax return service, with late night openings every Tuesday and Thursday this month.
Much noise has continued to be made in the subsequent 18 months, with Nick Clegg threatening only this week that there'll be a second emergency tax slapped on bonuses for those awarding unjustified payouts.
For those who were affected by Hurricanes Katrina, Wilma and Rita, several new tax deductions and credits now exist, thanks to the Katrina Emergency Tax Relief Act (KETRA) and the Gulf Opportunity Zone Act.
28, 2006 to do the following; see also Katrina Emergency Tax Relief Act of 2005 Section 403(b) and JCX69-05 (9/22/05), p.
SAN DIEGO -- Six in 10 consumers are unaware of the Katrina Emergency Tax Relief Act of 2005 (KETRA), according to a December 2005 survey from Kintera(R) Inc.
Sometimes when you start a new job your employer will put you on an emergency tax code until HMRC has worked out what it should be.
In an effort to assist the entire accounting profession affected by Katrina, LegalSpan and its Content Partner BPN have teamed up to broadcast a free webcast providing much-needed information on topics such as KETRA -- Katrina Emergency Tax Relief Act -- and the Tax Relief Act of 2005 -- both of which were created in the aftermath of the hurricane season to soften the blow and spur recovery.
Even as the House and Senate worked on the Hurricane Katrina Tax Relief Act of 2005 (S 1696; H 3786) and enacted the Katrina Emergency Tax Relief Act of 2005 (KETRA) (P.
SAN DIEGO -- Taxpayers have until year's end to take advantage of new tax breaks for charitable contributions, thanks to the Katrina Emergency Tax Relief Act of 2005 (KETRA).
As they have not been in full-time employment, bosses automatically put them on an emergency tax code and deduct tax from their pay.
If you contribute cash before December 31, 2005, there is no limit on your deduction under the Katrina Emergency Tax Relief Act of 2005.
Full browser ?