Word: bracketed
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Another wide avenue of tax avoidance is the special tax treatment of capital gains-profits on sales of assets held for six months or more are taxed at half the normal income tax rate, up to a limit of 25%. It is greatly to the advantage of high bracket taxpayers to gather in money as capital gains rather than as fully taxable income, and figuring out ways of doing that is a principal preoccupation of high fee tax lawyers. Another heavily traveled road of avoidance is the use of taxexempt foundations to reduce tax liability. A businessman...
...still leaders in the wiggy set, "ordinary people are going in for the same routine," says Mandel. In San Antonio, whose wig merchants claim the sale of more hairpieces per capita than anywhere in the U.S., most of the buyers are men in the 20 to 45 age bracket. A local salesman, newly toupeed, reported to his operator that the hairpiece had won him a raise; another customer insisted that his crew-cut hairpiece had made him look young enough to "feel at home again" with his grown sons...
...less than $13.5 billion in U.S. income tax rates. Of this, some $11 billion would come by lowering the rates for individual taxpayers. At present those who have taxable incomes of not more than $2,000 a year pay 20%, and those who are in the over $200,000 bracket pay 91%, with intermediate rates between these extremes...
...nationwide bureaus-Leigh, Keedick and Columbia-charge from $100 to $1,500 per lecturer, from which they take 30%-40% (out of his remainder the speaker is expected to pay his own expenses). In the top bracket are Funnymen Cerf and Walter Slezak, as well as Pundits Stewart Alsop and C. Northcote Parkinson. "Price is based mainly on the name, personality and availability of a celebrity-and of course on his tax bracket," says Robert Keedick of the Keedick Lecture Bureau. "On the other hand, someone who has a message to sell, like Billy Graham, will...
...shown a growing tendency to recognize the vital economic importance of investment and of the factors that investment depends upon?profits, savings, individual incentive. Along with this shift has come an awareness that burdensome taxes act as a brake upon economic growth. Businessmen have long maintained that the upper-bracket tax rates are economically pernicious, but it is a refreshing novelty when the A.F.L.-C.I.O. officially suggests, as it did a fortnight ago, that the top tax rate be slashed from the present 91% to 65%. And it is a sign that an idea is on the march when...