Word: bracket
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...Laker beckon? Just about anyone, according to TIME'S Midwest Bureau Chief Benjamin Gate, who monitored the cornbelt caravan, part of it on a borrowed ten-speed Gitane bike. The Ragbrai army, he reports, comes from all over the U.S. and from every way of life and income bracket. On the road, its members fall into five loose categories...
Undeniably, a cut in the capital gains tax below the present top rate of 49% would help mainly people in (or above) the 50% tax bracket, who are more likely to own stock and other assets. To be in that lofty bracket, one needs taxable income of about $40,000 or more. But a lot of "average" taxpayers leap into the higher brackets a few times in their lives-when they sell a house, a farm, or the stock that Aunt Tillie left them; or when they collect profit-sharing or stock-purchase funds from their employers. For them...
Whoever wins will look much shorter on experience than the popular Case, who has been endorsed by Gerald Ford and Henry Kissinger. Case is opposed in the G.O.P. primary by Jeffrey Bell, a former aide to Ronald Reagan. Bell warns against "bracket creep" (putting taxpayers in a higher income tax bracket because of inflation) and backs a House bill calling for a 30% general cut in income tax rates. At the moment, Bradley is a slight favorite over Leone, and Case a heavy favorite not only next week but in November as well...
...would chop the exemption to no more than $15,000 a year and limit the credits for foreign taxes. It would also tax the excess at the rate that would have applied if the $15,000 were not exempt -in other words, force the taxpayer into a higher tax bracket...
...then came Walker, blazing through the "B" bracket like a herd of longhorns on the Texas plains. Scotty breezed through three early matches, beat Dartmouth's Mark Schneider in the quarters (6-4, 6-3), and downed Yale's Brad Dressler in the semis (7-5, 6-3) to reach yesterday's finals...