Word: superrich
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Dream houses are still being built, but they often carry price tags that drive away all but the superrich. In Washington, D.C., about 115 new houses will be constructed in the next five years on the 27-acre estate once owned by Nelson Rockefeller. Though the houses are only 30 ft. apart on the average, and prices start at $457,000,24 of them have already been sold. In California, Jerry Buss, owner of the Los Angeles Lakers basketball team and the Los Angeles Kings hockey team, paid $5.4 million last month for the 22-room mansion once owned...
Republican Senator William Armstrong of Colorado has proposed indexing federal income taxes. He and others maintain that inflation is pushing people into tax categories originally intended for only the superrich. Americans will pay $14 billion more in federal taxes this year solely because of inflation-induced salary increases. Says Armstrong: "The problem now is that the recipients of federal money are all indexed, while the people paying the taxes are not. If there's no possibility to deindex recipients, then it's only fair that we protect taxpayers through an indexation of taxes...
...union was something of a marriage of convenience between two shrunken giants. Rolls-Royce, whose models range from the $85,300 Silver Shadow to the $155,800 Corniche convertible, has found that inflation and recession are slowing down even the superrich. The three-year waiting list for its cars in Britain has evaporated, and a buyer with the money can now walk in and get one right off the showroom floor. U.S. sales in 1979 fell off 10%, to 1,002. Moreover, Rolls' diesel-engine division is in trouble, mainly because a $150 million contract to make Iranian tank...
Continued surging prices will make the tax bite on the American public ever more painful. Inflation-adjusting pay increases are already forcing the middle class into tax brackets once intended only for the superrich. In 1971 federal, state, local and Social Security taxes took 16.1% out of the average person's income. Last year the total hit a rec ord 18.5%. For those earning more than $25,900, Social Security taxes will increase by $183.90 this year, to $1,587.67. Next year the maximum bill will swell to $1,975.05, as part of a $16 billion increase in payroll...
...risk everything for show money in the Triple Crown events in a year when a really fine horse like Spectacular Bid turns up. In 1948 there were 696 stakes and feature races, only nine with purses of $100,000 and up. In 1977 there were 1,687, and 93 superrich purses to share. Says Trainer Woody Stephens, who developed Cannonade: "Why run my horse against a 1-to-10 shot for $40,000 second-place money, when I can take him out to Ohio or Illinois and have a chance of winning...