Word: brackets
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Dates: during 1980-1989
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Created by Congress in 1974, I.R.A.s allow wage earners to put aside a portion of their income into special accounts, where the money earns interest tax-free until it is withdrawn during retirement years. At that time, in most cases, a person's income, and thus his tax bracket, has gone down. Besides regular bank deposits, the I.R.A. money can be invested in stocks, bonds and a host of other ventures...
Some taxpayers can get a break by giving charitable donations before the end of the year. A person in the 70% bracket can save an extra $200 on his 1981 taxes for every $1,000 in charitable contributions made in 1981 instead of in 1982, when the top marginal income tax rate is set to drop...
Patricia Roberts, 32, a Federal Reserve Board researcher in Washington, decided that homeownership even before marriage was the best way to beat inflation. As a single person, her $24,000-per-year salary put her in a relatively high tax bracket, and she lacked the tax benefits of owning a house. The trouble was that she could not meet the steep mortgage payments required for homes in the expensive Virginia suburbs. Her friend Suzanne Reed, 30, who works for the House Republican Research Committee, was in a similar bind. "It finally dawned on us," says Roberts, "that we just couldn...
...cuts: "The hard part of the supply-side tax cut is dropping the top rate from 70 to 50%-the rest of it is a secondary matter. The original argument was that the top bracket was too high, and that's having the most devastating effect on the economy. [However] to make this palatable as a political matter, you had to bring down all the brackets. But, I mean, Kemp-Roth was always a Trojan horse to bring down the top rate. .. It's kind of hard to sell 'trickle-down,' so the supply-side formula...
These days, the paper appeals to a demographic bracket. Its readership has largely crossed the Charles, moved into townhouses on Beacon Hill or Bay Village or elsewhere in the Back Bay. They have good grooming habits, and politics is not such a big thing because, after all, this is a damn nice townhouse. There are still many points of common agreement--the New Right is outrageous (this week's paper includes two accounts of an anti-abortion conclave); capitalism has its excesses (a very good story about the seamy business at an aerosol factory that ended with three workers dead...