Word: earned
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Dates: during 1950-1959
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...enrolled at Fordham University, attending classes at night. Last March, after three yeas in the mailroom, he joined TIME's business training program. But he took a part-time in the mailroom, as well, to help with the early morning sorting from 7 to 9 a.m. (and to earn some extra money for college expenses...
Every summer, thousands of college students work famously until they have earned $599, and then suddenly lay down their tools and loaf. They stop short because of an outmoded provision in the tax laws: if they earn over $600 in a year, they cannot be claimed as "dependents" on their parents' income tax returns. This means, in effect, that there is a two or three hundred dollar penalty if students and others supported by their families, surpass $600 in wages...
...limit may have been more realistic in 1948, when it was set, but prices and wages have zoomed so fast, especially after the Korcan War, that it is far out-of-date today. Many students could easily earn a thousand dollars a year if the tax laws gave them a chance. And with the nation short of laborers, it seems foolish to discourage them from full summer employment...
Congress will certainly consider new tax legislation later in the session. When it does, it should change the laws so that "dependents" can earn up to $1000 a year. The tax-conscious Congress should jump at the chance to modernize the tax laws, especially when improvement will not reduce total tax revenue...
...Congress change the limit so that "Dependents" could earn $1000 a year, it would both allow college students to work through the entire summer, and would case the nation's labor shortage. According to Treasury help to case the nation's labor shortage. According to Treasury help to case the nation's labor shortage. According to Treasury officials, who ought to know and certainly care, the extra deductions would cost the Government nothing. For everyone who earned over $600 would be added to the tax rolls, and if students earned $990 instead of $590, their taxes would make...