Word: roth
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LOWER TAXES. The heart of the program is, as before, a 30% slash in personal income tax rates, 10% in each of the next three years-the so-called Kemp-Roth formula. Beginning in the fourth year, tax rates also would be "indexed," i.e., tied to inflation rates so that only a rise in income greater than the rise in prices would push a taxpayer into a higher bracket. Business taxes would be reduced by speeding up the depreciation write-offs that companies could take for modernizing their plant and equipment. Cost to the Treasury: $22 billion in fiscal...
...realism, however, Reagan's five-year plan is still risky and open to bitter Democratic assault. Carter began the attack last week, blasting "the Reagan-Kemp-Roth tax proposal" before a group of New Jersey editors as "absolutely ridiculous . . . highly inflationary...
...respected literary editors in the business. For the past 14 years he has been with Farrar, Straus and Giroux, one of the last major independent houses in New York, where things do not appear to be as rushed as at other firms. Its authors include Isaac Bashevis Singer, Philip Roth, Tom Wolfe and Susan Sontag. Di Capua has edited such acclaimed writers as Larry Woiwode and Michael Arlen. A major project now is the result of one man's highly unusual childhood. Twelve Years: An American Boyhood in East Germany is a forthcoming memoir by Joel Agee...
...G.O.P. cure-all for most of the ills that afflict the nation. Say the Republicans: "American families are already paying taxes at higher rates than ever in our history; as a result of Carter's policies, the rates will go even higher." The platform calls for the Kemp-Roth cut of 30% in federal income tax rates over three years, a reduction opposed by the Democrats on the ground that the rich would save more money in taxes than the poor. The Republicans also propose indexing taxes to the inflation rate to eliminate bracket creep; this would...
While selective tax cuts to stimulate growth and offset inflation would probably provide a needed dose of medicine to an ailing economy, Reagan's support of the Kemp-Roth plan, coupled with burgeoning defense spending, would severely irritate the inflationary spiral. And Reagan's preoccupation with "the growing menace from the East" in foreign affairs, together with his stated preference for superiority, shows a man burdened by a desire to return to the past, whose "new beginning" will have the same old ending...