Parera commended Mukherjee for sticking to the deadline of introducing a uniform goods and services tax by April 2010 and abolishing certain direct taxes--the fringe benefit tax, the commodities trading tax and the 10% surcharge on income tax.

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All sorts of ideas were bandied about, including a Democratic attempt to impose an income tax surcharge on millionaires and the Republican counter to freeze pay for federal employees.

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One is an income tax surcharge on millionaire earners and another is a business tax on energy costs.

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And don't forget that the ObamaCare investment income tax surcharge of 3.8% also begins in 2013, so stock owners are going to be happy to hear that the new dividend tax rate could be 48% in the name of tax fairness.

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At the heart of the Democrats' plan are an income tax surcharge that will fall heavily on entrepreneurs who run small businesses and a harsh mandate that requires employers to provide health care or face a penalty -- a mandate that could eviscerate ERISA by persuading employers to stop offering health care benefits to their employees.

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The expiration of the Bush tax cuts and the beginning of a 3.8% surcharge on investment income are combining to deliver a nasty punch to people who sell assets at a gain.

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Grandma retains control of the account, and can retrieve the money if she needs it, by paying income tax plus a 10% surcharge on any earnings.

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