Word: brackets
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Dates: during 1970-1979
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...calculations would oblige McGovern to raise $27 billion in new tax revenue. He says that most of this would come from steeper taxes on U.S. families that earn more than $20,000 a year. He once estimated the average net tax increase in the $12,000-to-$20,000 bracket at a mere $21-whether per person or per family was not clear. Later he revised the calculation to $50 per person-or $200 for a family of four. In fact, one computer run showed that the tax increase on families in the $10,000 to $15,000 income group...
...preferences for the rich are an unmitigated outrage. But the payoff for eliminating them is more virtue than revenue. Of course, virtue is important. The real reason for wanting to get rid of these horrendous outrages is not to save money for the guy in the $15,000 income bracket, but rather to come to him and say, "You ought to pay your share. Everybody else is paying his share." It is really justification for getting him to pay more...
...year-old daughter. Aware that the state-supported center gave priority to children of single, low-income mothers, she was confident that her daughter would be accepted. What she did not know, however, was that her salary ($600 a month) put her in a top-fee bracket: placing her youngster in the center would cost her $200 a month, far more than she could afford. "She came in here so strong," the center's director recalled. "Then, as we talked about her situation, she began to crumble. She didn't stand a chance." Now the mother has gone...
Although the income tax is fair enough in principle?rates rise with ability to pay?the way in which it actually operates is not. Because of elaborate deductions and exemptions, hardly anyone pays the rate that theoretically applies to his salary bracket. The deductions and exemptions excessively favor married couples over single people, homeowners over renters, large families over small, receivers of dividends and stock market profits over people who live by wages alone. Congress narrowed some of the loopholes in 1969, with the result that the number of people who paid no tax whatever on incomes...
...proceedings open with a suitably clever premise-grade-A Alec Guinness, actually. Four respectable citizens, pillars of a Fairfield County country club, have lost their upper-tax-bracket jobs during the present little economic adjustment. They make up the champagne casualties - the affluent walking wounded. Sandy Campbell is an ex-vice president of a mutual fund, shot down with the market. Jack Carmody is an ex-ad-agency ace, gone up in smoke with his TV cigarette accounts. Sam Deitsch is a dress manufacturer who laid it on the hemline for the midi. Harry Price is all the has-beens...