Word: creeped
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Rich or poor, most Americans will not find themselves much further ahead if those income tax cuts are offset by scheduled rises in Social Security taxes and the inflationary creep of wages to higher tax brackets. That is the view of Lacy Hunt, economist for the Fidelity Bank of Philadelphia, who calculates that such raises will total 21% during the next three years, all but wiping out the 25% cut (which would, however, save wage earners from being that much further behind...
Indexing. Slipped into the package during the last few days of debate, this would guard against "bracket creep" by indexing taxes to changes in the Consumer Price Index. For example, a person earning $20,000 who received a 10% raise at a time of 10% inflation would pay no extra tax. It would not become effective until 1985, when the 25% cut will have run its course...
...Senate voted to tie tax brackets to the rate of inflation, beginning in 1985. Reagan opposed including that in this bill mainly because of the loss to the Treasury: some $12.6 billion in 1985. The Senate aim is to avoid bracket creep, in which inflation edges taxpayers into a higher tax rate though they do not gain in buying power. Both chambers seem to agree that the estate tax should be nearly wiped out. They would raise the value of estates that can be passed to an heir tax-free from $175,625 to $600,000. Only...
...into the genuine article. But his work has pace and the courage of bleak convictions, not just about movie people, but the human race in general. In the end, one cannot help respecting a movie that hilariously links death and creativity, yet has enough childish lunacy to have one creep respond to another's admonitory finger wave by simply taking a bite out of the wagging digit. On a colossal scale, that is what Edwards has done in S.O.B. - bitten the hand that feeds him. And discovered that it is soul food...
...seems startlingly appropriate as I watch the young Mr. M behave like the most spoiled of 12-and-under beasts. The setting was, in fact, that famous tennis emporium at Port Washington. The air conditioning was too strong; I was cold and sweating and losing to yet another little creep I should have blown away. My Dad was watching from behind the glass windows, high above. I was 12 years old and my second serve was floating...