Word: bracketeers
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...They see the proposal as inflationary, a feeling that is strengthened by the year's strong first quarter. But the board still agreed that some tax cuts are necessary. Harvard's Feldstein pointed out that the Administration's proposed cuts would do little more than offset "bracket creep," which has pushed people into higher tax categories even though their real incomes after inflation have not risen. Feldstein predicted that there is likely to be pressure for "real tax cuts" later on, after Americans realize that they are no further ahead in buying power...
Pechman warned that the Reagan tax cut program in fiscal 1984 would take away $150 billion in revenues from the Government, leaving no room for savings incentives or such other popular proposals as elimination of the marriage penalty, lowering the top tax bracket from 70% to 50% on unearned income and raising the standard tax deduction. Pechman predicted that the bill finally emerging from Congress would be a mix of those features plus a much smaller cut in personal income tax rates...
...Beach, Calif. More than 10,000 people have put down as much as $2,000 for options to buy the car, and De Lorean is confident that the high sticker price will not scare away customers. Says he: "Our buyer is someone in the $70,000-a-year income bracket or over, and he is pretty much unaffected by minor economic travails...
...maximum tax rate on investment income to the same 50% that applies to salary income. Several bills now in Congress recommend a so-called two-stack approach to the taxation of earned and unearned income: tax each at the prevailing rates for earned income, up to a top bracket of 50%. The net effect would be to lower the tax on investment income sharply, but at a cost to the Treasury of $17 billion...
Social Security taxes have already risen 34% since 1979 and will increase 49% more in the next three years. Meanwhile, taxpayers are being hurt by so-called bracket creep, which keeps pushing them into higher tax categories as their inflation-bloated paychecks increase. Without a reduction in those rates, millions may soon find themselves paying the top 50% rate, which was originally intended for only the nation's wealthiest taxpayers. Congressional leaders and the Administration need to find a plan that will both lessen the tax burden and improve the climate for savings in the U.S. - By Christopher Byron...