Word: brackets
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Dates: during 1980-1989
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...very top: 35.5% for families with incomes of less than $10,000 a year; 10.7% for those enjoying incomes of $200,000 or more. Families in the upper middle class would get the smallest cut, an average of little more than 4% in the $50,000-to-$200,000 bracket. In the lower groupings, while the cuts would be larger in percentage, many will be quite modest in dollar amount. The Treasury estimates the average reduction for all taxpayers earning $50,000 a year or less would be about $200 a year...
...these people use shelters" that will no longer be available under the reform plan, and thus will be paying tax at lower rates but on more of their income. Still, even though the amount of income subject to tax for people in the $200,000-and-up bracket will rise an average 18.5%, the effective tax rate on the total incomes of the rich will drop substantially...
Although final details of the plan were still being worked out when the board met, the economists were enthusiastic about the proposed sharp reduction in the number of brackets and the suggested lowering of rates. Board members noted that the changes greatly simplify the system and would encourage savings and enterprise. Moreover, the plan would achieve those benefits without adding to the burden of any group. Those in the bottom and medium brackets, for example, would not have to pay more to compensate for the rate drop in the upper bracket. Said Harvard Economist Martin Feldstein, Reagan's former chief...
...lunch is threatened; businessmen would be able to deduct only $15 per person for lunch, and entertainment expenses like box seats at sporting events would no longer be deductible at all. By eliminating enough deductions, the Treasury can afford to reduce overall tax rates. The top federal income tax bracket would drop from 50% to 35%, with brackets of 25% and 15% for those making less...
...idea of Cole Porter. Known variously as Jimmy, J.G. and Mr. Galanos, he is most often referred to, in the stores where he makes personal appearances, with an awed "He." "I design for a very limited group of people," he says. "Basically, we are in the $4,000 bracket. It is a question of attitude: either you appreciate quality...