Definition

1. Noun:

   • An additional tax imposed on certain types of income or goods, calculated on top of an existing base tax. It is often used as a progressive tax mechanism or a levy on specific, often luxury, items.

2. Verb:

   • To impose an extra tax on something.

Usage and Examples

• Noun:

  • The government introduced a 10% surtax on annual incomes exceeding one million dollars.
  • Revenue from the import surtax will be used to fund infrastructure projects.

• Verb:

  • The new law will surtax high-value real estate transactions.
  • The proposal aims to surtax sugary drinks to discourage consumption.

Advanced Usage

• "to be subject to a surtax": to be liable for an additional tax.

  • Investment income above a certain threshold is subject to a surtax.

• "surtax exemption": a provision that excludes certain items or income levels from the additional tax.

  • Basic food items have a surtax exemption.

Variants and Related Words

• Surtaxable (adj): Capable of being subjected to a surtax.

  • Surtaxable income includes dividends and interest.

• Overtax (v): To tax too heavily. (Note: This is a related but distinct concept implying excessive taxation, not necessarily an additional layer.)

Synonyms

• Surcharge (n/v): An extra charge or tax.
• Levy (n/v): An imposed tax or fee.
• Additional tax (n): A supplementary tax.

Antonyms

• Tax break (n): A reduction in tax liability.
• Exemption (n): Freedom from being taxed.
• Deduction (n): An amount subtracted from taxable income.

Related Phrases and Idioms

• "War surtax": A historical term for an extra tax levied to finance a war.

  • The war surtax was repealed after the conflict ended.

• "Luxury surtax": An additional tax applied specifically to luxury goods.

  • The luxury surtax applies to cars valued over $80,000.

Noun

1. an additional tax on certain kinds of income that has already been taxed

Verb

1. levy an extra tax on
   • surtax luxury items that cost more than $1,000