Word: dividend
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Supporters of withholding won with the argument that tax cheating on interest and dividend income was depriving the Government of some $8 billion a year; the Senate bill would recapture $4.3 billion of that. Still, a drive to delete the withholding provision, led by Republican Robert Kasten of Wisconsin and Democrat Ernest Rollings of South Carolina, lost by only three votes. The withholding proposal would have lost if such liberal Democrats as Edward Kennedy of Massachusetts, Alan Cranston of California and Christopher Dodd of Connecticut had not voted against the deletion amendment...
Many consumers say that they are resorting to tax cheating because the rates are too high and that steps like last year's tax cut have not reduced the staggering part of a paycheck that goes to the Government. The 1981 cuts immediately dropped the ceiling on dividend and interest income from 70% to 50%. The action was designed to stimulate needed investment, but so far has mainly helped taxpayers who pay the top rate. Many people below the highest brackets now unfavorably compare that break with the 5% reduction in individual income tax rates that they received last...
...filers, like those making $15,000 in income while spending more than $2,000 on medical expenses. Other computer programs hunt for unusually large deductions and routinely scrutinize returns reporting income of more than $50,000. The IRS is also expanding its computerized program of matching individual returns against dividend and interest payment statements...
Last summer Congress reduced the top tax rate on interest and dividend income from 70% to 50%. It also created new kinds of tax shelters that were intended to stimulate savings directly...
...corporate annual report may not be an art form that generally inspires much beyond a nod, a wink and a yawn. But when Manufacturers Hanover Corp., the fourth largest financial services organization in the nation, issued its 1981 annual report two weeks ago, the document contained a surprising dividend. Preceding the usual page after page of income and balance-sheet statistics was a sprawling, sunnily optimistic tour d'horizon of America itself, and the author was none other than Magazine Journalist and Novelist E.J. Kahn Jr., 65, a highly regarded staff writer at The New Yorker since...