Word: brackets
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...first $1,000 of interest for individuals and $2,000 for married couples filing jointly. Thus at a current Treasury bill rate of 14% on a $10,000 certificate, an investor would receive 9.8% in interest, or $980 tax free. The higher a person's tax bracket, the more attractive the investment becomes...
...these are merry critiques, the tribute that humor pays to celebrity. Far more disturbing to the veteran veterinarian is an English tax structure that puts him in the 83% tax bracket. "They keep telling me to retire," he says. "Go to the Isle of Wight or some such. But this is the only job I've ever had. And this is the only place I ever loved. I came here 44 years ago and smelled the summer. I never wanted anything else." Today his idea of luxury is a sun lamp, and "out of town" means the city...
...savings and investment needed for noninflationary growth and, on the other side, the Democrats arguing that any cuts going beyond one year would only bring more inflation. Party ideologies complicated the dispute. Republicans demanded across-the-board cuts that would reduce rates by the same percentage in every income bracket; Democrats saw that as a windfall for the rich and proposed "targeting" the cuts to favor middle-income taxpayers-specifically, people who earn $20,000 to $50,000 a year...
...effects. "When inflation gets into double digits, you have to do something or else lose the race," says George Sullivan, an IBM executive in Denver, who has switched most of his cash from a bank to a money-market fund. Assuming 10% inflation, someone in the 50% tax bracket would now have to get 20% interest on his savings just to break even...
...yielding 9½% at a time when new ones are about 16% has a market value of only $67,000. The person who bought the old mortgage would be permitted to use the $33,000 difference to reduce his taxable income, which could put him in a lower tax bracket. One drawback is that since there is at least $100 billion worth of such mortgages outstanding, this plan could cost the Government up to $15 billion in lost tax revenues...