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Updated: June 22, 2025
By somewhat lowering the present limits of exemption and the figure at which the surtax shall begin to be imposed, and by increasing, step by step throughout the present graduation, the surtax itself, the income taxes as at present apportioned would yield sums sufficient to balance the books of the Treasury at the end of the fiscal year 1917 without anywhere making the burden unreasonably or oppressively heavy.
Santo Domingo went wild with joy over the discovery. It was determined to erect a suitable monument for the remains with funds raised by private subscription and by a half per cent, surtax on imports. A beautiful marble memorial costing $40,000, guarded by bronze lions and adorned with bronze relief work depicting scenes from the life of Columbus, was designed by two Spanish sculptors.
Nixon, will support my recommendation that the surtax be continued. Americans, I believe, are united in the hope that the Paris talks will bring an early peace to Vietnam. And if our hopes for an early settlement of the war are realized, then our military expenditures can be reduced and very substantial savings can be made to be used for other desirable purposes, as the Congress may determine.
Your father is not an old man in years, but he has placed a constant surtax on his nervous system for the last twenty-five years without a let-up, and it doesn't make any difference how good a machine may be it is going to wear out some day, and the better the machine the more complete will be the wreck when the final break occurs."
By somewhat lowering the present limits of exemption and the figure at which the surtax shall begin to be imposed, and by increasing, step by step throughout the present graduation, the surtax itself, the income taxes as at present apportioned would yield sums sufficient to balance the books of the Treasury at the end of the fiscal year 1917 without anywhere making the burden unreasonably or oppressively heavy.
Canada resented this demand, in view of the fact that the minimum tariff of the United States stood much higher than the maximum of Canada, and it was proposed to retaliate by a surtax on American goods. In the United States there was wide sympathy with this attitude; but under the act the president had no option but to enforce the higher duties if the concessions were not given.
On the whole, then, we may take it that the principle of the super-tax is based on the conception that when we come to an income of some £5,000 a year we approach the limit of the industrial value of the individual. We are not likely to discourage any service of genuine social value by a rapidly increasing surtax on incomes above that amount.
This budget anticipates the extension of the surtax that Congress enacted last year. I have communicated with the President-elect, Mr. Nixon, in connection with this policy of continuing the surtax for the time being.
Germany was one of these countries, and on the expiration of the treaty Germany showed her resentment by applying her maximum tariff to Canada. Canada retaliated by the imposition of a surtax on German goods, and a tariff war ensued, which resulted in a much higher degree of protection for Canadian manufacturers whose products came into competition with imports from Germany.
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