Word: bradleys
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Dates: during 1980-1989
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...competing congressional tax plans illustrate the clash of various groups. A Democratic bill sponsored by New Jersey Senator Bill Bradley and Missouri Congressman Richard Gephardt is called the Fair Tax Act. A Republican proposal termed the Fair and Simple Tax Act is advocated by Wisconsin Senator Robert Kasten and New York Congressman Jack Kemp. The basic approaches...
...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...
...Overall, Bradley estimates, 70% of taxpayers would pay either the same as or less than they do at present. Roughly 80% of individuals would pay the 14% rate, which includes anyone with a gross income up to $25,000 ($40,000 on joint returns). A family of four would pay no tax if it earned $11,200 or less. Taxpayers who would be hit hard would include those who now have large deductions or who stand to benefit substantially from current capital gains rates. People living in cities where sales taxes are high, such as New York, Washington and Seattle...
...would be doubled, which would benefit large families. There would be no deductions for any state or local taxes except on property, but other common deductions would be retained. The maximum tax on capital gains would rise gradually over ten years to 25%. The corporate tax rate, as in Bradley-Gephardt, would be 30%. Accelerated depreciation would be kept, but the investment credit would be dropped...
...done his best for Hart in the primaries and, ruefully looking back, said, "The tectonic plates of American politics are shifting. Gary Hart touched them, felt them, but he couldn't shape them. We have other men coming: Gore of Tennessee, Dodd of Connecticut, Gephardt of Missouri, Bradley in New Jersey-and Cuomo, of course...