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How Much Tax
From Rappk?
How much will the government be collecting from residents of Rappahannock County when tax day, April 15, rolls around?
Will it be more than it was last April when local contributions, including the amounts paid via withholding taxes, added up to approximately $981,000?
It will be well above that, the Treasury Department expects, because earnings in the local area were larger, on average, than they were the year before and because the 10% surtax was in effect throughout the year.
The size of the tax load borne by area residents is estimated from figures released by the Internal Revenue Service covering the State of Virginia as a whole.
They show that individual income taxes collected in the state last year came to $1,401,000,000, with local taxpayers producing some 0.07% of the total.
Just how much bigger the tax haul will be this year, if the government’s expectations are realized, is indicated in the budget recently submitted to Congress. It predicts that personal income taxes will reach $92.2 billion nationally, or about $5 billion more than last April.
Taxpayers in Rappahannock County, in line with the economic advances made in the local area in the past year, are counted on for a proportionate share of this hike.
Their tax payments, based upon preliminary income reports, are expected to be about $1,040,000, or some $59,000 more than in the previous year.
In the following fiscal year, according to the budget, personal income taxes will be $1.2 billion lower than this year.
That is because the economy generally is in the doldrums, with more unemployment than in 1969, and because the surtax was reduced from 10% to 5% for the first half of 1970 and will be eliminated entirely in the second half of the year.
As a partial offset to this loss, the Administration has proposed a speedup in the collection of certain taxes, to produce a one-shot windfall of $1.6 billion, an increase In taxes for those using the nation’s highways and airways, a delay in paying wage increases to Federal employees and certain other adjustments.
88.7%