Surtax is a shortened version for the term tax surcharge. A tax surcharge or "surtax" is a tax applied to you in addition to your normal tax. It is also based upon your normal tax rate. A surtax is an add on tax or an additional tax rate imposed on either individuals or business whose income exceed certain predesignated levels. These are often applied either as a mechanism to ensure a more equitable distribution of wealth as being a social good or as a means to meet certain short term governmental obligations in times of crises or national needs.
What Is a Surtax?
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