Word: affluent
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...values of the ethnics are under assault, the institutions they cherish-church, family, labor union -under a cloud. They have watched helplessly as the more affluent whites have fled the cities and the poor blacks have taken their place. They feel squeezed between a group that is deserting them and making them bear the brunt of social change and a group that is threatening their schools, neighborhoods and jobs. The combined recession and inflation has hit them hard. Says Baroni: "The ethnic worries how he is going to get the money to send his kid to Penn State...
Resentment against McGovern's spending and welfare plans is also widespread, and it is by no means confined to people who are affluent or white or both. Christine Trice, a black who is a dressmaker in Los Angeles, asserts: "There is so much fraud in welfare and no incentive to get a job. Welfare needs cutting down, but McGovern seems to want to add to it. Paying for it will come out of the pockets of working people." In Miami, Leonard Lang, a student and part-time clerk says: "I'd very much like to know what happens...
...younger members. At Chicago's Northmoor Country Club, the formal dining room is being nibbled up by a fast-expanding informal food area featuring hamburgers and other low-priced dishes. The club also lets members use snowmobiles on the golf course in winter months. Despite such concessions, many affluent young couples just are not as turned on by country clubs as their parents once were...
There are many more problems connected with money than simply not having enough of it for the next rent payment. Both the affluent and the aspiring need to know not only how to make more but also how to handle what they have. Working on that hypothesis, Time Inc. this week introduces a new monthly magazine: MONEY...
...that the effect will be so small as to constitute a minor price to pay for greater tax equity. The impact, they say, will be largely offset by the Senator's proposal to change the top tax rate on all kinds of income to 48%; that will enable affluent people to keep more of their incomes, especially from rents, interest and dividends, and thus give them more cash to invest. Taxing capital gains at death will force into the marketplace much money now tied up in stocks and property that wealthy people plan to pass on to their heirs...