Word: roth
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Dates: during 1970-1979
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Before returning to Washington, Carter attended a Democratic fund-raising luncheon where he predicted Congress will approve a $25 billion tax cut this year. He also attacked the Republican Kemp-Roth plan that would slash income taxes by one-third...
...Roth and his backers contended the tax cut would be such an effective stimulant for the economy that it would produce more new tax revenue than it would cost...
...contrast, the Roth-Kemp measure would make one cut in 1979, another in 1980 and a third...
...family of four whose income is worth $20,000 at today's levels has seen its effective federal income-tax rate rise from 12.4 per cent in 1968 to 16.2 per cent today, Roth said. And by 1983, if current trends continue and the family continues to receive pay increases to match inflation, the tax bite will climb to 20.2 per cent, he added...
...Roth-Kemp plan, if instituted, would mean a $501 tax cut for a typical single person earning $10,000 a year who has deductions of 23 per cent of income once the plan reached full effectiveness (after 3 years); a family of four under the same conditions would get a $228 cut; the four-member family earning $25,000 would...