Word: brackets
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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...
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...