Word: brackets
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Dates: during 1980-1989
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...became a torrent in 1982, after Congress extended the program to virtually everyone. Under the current rules, working taxpayers may put as much as $2,000 a year into an IRA and deduct the contribution from gross income when filing their federal tax return. For those in the 50% bracket, it means an immediate saving of $1,000 in taxes for their $2,000 contribution. Savers must eventually pay taxes on the investment, but by the time they reach retirement age, their income is likely to decline and put them in a lower bracket...
...bank sounds paradoxical, yet it makes sense for some people because the interest on the loan is tax deductible. New York City's Chemical Bank, which urges customers to think about an IRA "even if you don't have the money," calculates that a taxpayer in the 35% bracket would pay about $154 in interest on a $2,000 one-year loan but could recover $54 of that by deducting the payment on an itemized federal income tax return. Meanwhile, the customer's IRA, invested at about 9%, will have earned...
...than on any special merit common to the members. (As, to some extent, is membership in Harvard College itself; residence in a sparsely populated state distinguishes many a successful applicant from Great Neck peers consigned to the Other Place.) Those chances once included being of the right sex, income bracket, family, race, and religion. Now only one circumstance remains sine qua non. As the luck of being born female is prerequisite to becoming a Cliffie, that of being born male is necessary to becoming a Clubbie...
When the tourney ended, under darkening skies at 5 p.m. Sunday evening, Dartmouth was the New England champion and Harvard had taken first place in the consolation bracket...
...teams in the region automatically receive bids to national tournament play in the spring. Harvard--third in the league this fall, and entering the weekend in the loser's bracket--will be struggling for a wild-card berth...