Word: bracketeers
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...sport. Nicholas Murray of the investment firm of Shearson Loeb Rhoades estimates that queries about tax shelters have doubled in the past year. Says William G. Brennan, publisher of a tax shelter newsletter in Valley Forge, Pa.: "Because of inflation, more and more people keep landing in the 50% bracket, and that's what makes sheltering profitable." An estimated 2 million individual tax returns now fall into the 50% bracket with taxable incomes of $41,500 or above for single people and $60,000 or above for couples...
Nationwide, suicide is now the third leading cause of death among youngsters ages 15 to 19, ranking just behind accidents and homicides. In 1977, the last year for which figures are available, 1,871 teen-agers in that bracket killed themselves, a 20% increase in one year and a 200% increase since 1950. In affluent areas the rate of increase is higher. One cluster of ten suburbs on Chicago's North Shore now leads the state in teen-age suicides, with a 250% increase in the past decade. This is true despite various community efforts to curtail the upsurge...
...calls for the Kemp-Roth cut of 30% in federal income tax rates over three years, a reduction opposed by the Democrats on the ground that the rich would save more money in taxes than the poor. The Republicans also propose indexing taxes to the inflation rate to eliminate bracket creep; this would end the automatic tax increase that occurs when someone gets a pay raise that only keeps up with inflation...
...example, insert COLA clauses in office leases. Divorce settlements often contain a clause that increases child support and alimony payments according to rises in the CPI. California and a few other states have indexed their income taxes. This automatically raises the amount of earnings covered by each tax bracket, thus keeping tax rates the same even though inflation-bloated incomes are increasing...
...have gone from 19.4% of his income in 1975 to 21.9% today, and will reach 22.7% in 1981. Federal taxes next year are due to increase by about $45 billion because of higher Social Security payroll deductions, the new windfall profits tax on oil companies and the so-called bracket creep, whereby inflation pushes taxpayers into higher income and tax categories...