Word: bracket
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...rich are never more different from everyone else, as F. Scott Fitzgerald should have gone on to observe, than on the hateful ides of April. Most wage earners sweat over piles of canceled checks and interest statements just to worm their income total on Form 1040 backward by one bracket. But no self-respecting zillionaire would be caught within several lines of his real income before it has been vastly shaved by deductions, exemptions and exclusions...
...that high income bracket tends to gain the most from this tax loophole," Schmidt agreed...
John A. Brittain, an economist at the Brookings Institution in Washington, calculates that Social Security payments, including "contributions" of employers to the system and to state unemployment tax funds, amount to 13% of the incomes of Americans in the lowest federal income tax bracket. Most economists believe that the worker in effect pays his employer's Social Security contributions-about half the worker's own payment-because his wage would be higher without them...
Rising Tide. Other economists point out that effective tax rates on top-bracket individuals have been declining steadily since World War II, because of a combination of loopholes and rate reductions, while rates on lower incomes have increased because of the growing importance of regressive sales, payroll and Social Security taxes. Joseph Pechman, another member of TIME'S Board of Economists, has found that the effective rate of federal income tax paid in 1967 by the top 1% of taxpayers was only 26%, even though the nominal federal tax rates on their income brackets ranged...
...says Laslo Benedek, director of a European mystery titled The Night Visitor. Liv has been accustomed to working in Scandinavia for between $10,000 and $20,000 per picture and being treated as just another member of the company. Now she is in the $200,000 bracket and is as delighted with her limousines and roses from the producer as a girl at her first prom. "I like to be regarded as a star," she says. "I like to be at the center of things in a press conference, stay at fancy hotels and swim in luxury. But that...