Word: saver
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Dates: during 1970-1979
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Once they have buttoned up their dwellings against the cold, more and more conservation-minded homeowners are turning their attention to what would otherwise be the frills and extras of the energy saver's world. Energy-saving gadgets are appearing on hardware-store shelves and in department-store mailers in proliferation. A wholly new type of retailing outlet, the energy boutique. has been spawned. One such shop for the thermally trendy, Windsun & Woods of Middletown, Conn., offers everything from quiltmaking kits to electricity-saving quartz space heaters and residential windmills for generating power...
...cloud in that silver shadow is that the saver must forgo all interest. Moreover, the Rolls would be considered income and would be taxed as such in the year it was received. If the depositor took his interest instead, it would be taxed as he received it over an eight-year period...
With inflation running at 13.1% for the first seven months of this year, the saver has discovered that he is throwing his money away if he puts it in a passbook account paying the federal maximum of 5¼% to 5 ½%. The real interest rate is usually less than that because it is clobbered by federal, state and city income taxes. Since interest is considered "unearned" income, the federal tax alone can go as high as 70% for wealthy people...
...small saver need not keep his money in a passbook account, but he has fewer choices than large investors. If he is willing to tie up his money for a long time, he can buy four-year bank certificates linked to the Treasury note rate, now paying over 8%. But depositors with $10,000 can earn 10% from six-month money market certificates, and people with $100,000 can pick up 11% from three-month bank certificates of deposit...
...thrifts feel threatened by a new development: a conviction in Washington that the small saver should no longer subsidize the mortgage borrower. Under pressure from the Gray Panthers' senior citizens' lobby, the Administration has proposed the lifting of interest ceilings on savings deposits and has urged that all federally chartered savings banks offer interest-bearing checking accounts. Last week Treasury Secretary Michael Blumenthal endorsed Senate legislation to phase out ceilings over a ten-year period...