Word: brackets
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Dates: during 1980-1989
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Bradley-Gephardt. There would be three tax brackets, 14%, 26% and 30%, thus retaining the progressivity principle and avoiding the charge that a single flat rate is unfair to low-income earners, who spend a larger share of their income on such necessities as food, clothing and shelter. Four major tax breaks would be dropped: the deduction for state and local sales taxes; the special treatment of profits from capital gains, which now permits taxpayers in the highest tax bracket to shell out only 20% (capital gains would be taxed at the payers' regular rate); the exclusion from taxes...
...billion this year. The biggest single break is the deduction from income of company contributions to retirement plans, which gives workers a temporarily tax-free annual benefit of $53 billion. Retirement income is taxed when workers begin drawing it, but by then they are normally in a lower tax bracket. Home mortgage deductions amount to $25 billion annually, state and local taxes $22 billion, charitable contributions $13 billion. Many of these tax benefits are so widely accepted that a true flat tax seems impossible to enact. Even modifying any of the existing provisions is certain to stir resistance from those...
...second-half effort wasn't enough, though, and Navy triumphed, 7-4. The defeat sent the Cantabs to the consolation bracket, where they faced Slippery Rock, I squad that went to Nationals last year and had beaten Harvard, 13-6, earlier this year...
...bracket expansion will prevent taxpayers whose incomes have been raised to offset inflation from being bumped into a higher tax bracket. For example, a family with taxable income of $30,000 this year will be able to earn $30,450 next year without its tax bill of $4,818 increasing. Without the new indexation, so-called bracket creep would have raised that family's 1985 taxes...
...opposition has waned. Walter Mondale has said that he is "committed to the principle" but has urged deferment of full indexation for wealthier taxpayers until the budget deficit is reduced. Republican Senator Robert Dole, chairman of the Finance Committee and a sponsor of tax indexing, hailed the elimination of bracket creep as a "day of triumph for all working Americans...