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Tax Surcharge Increases Federal Withholding This Week
Americans face higher federal income taxes as the 10 percent surcharge signed by President Johnson on June 28 begins. Withholding rises by 10 percent, affecting wages earned before July 13, and retroactive dates push additional tax to be paid next spring. The package also tightens corporation taxes and preserves other excises while aiming to trim spending by six billion dollars.
MENTIONED IN THIS ARTICLE
President Johnson
Howard J. Samuels
Congress