Word: taxing
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Dates: during 1980-1989
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...Reagan's tax cuts only worsened the skew. Though income tax rates were reduced in all brackets, the cuts were tilted heavily toward the upper end of the scale. In addition, Social Security taxes about tripled, to a top of $3,379.50 this year. The blow fell most heavily on the middle and lower classes, since the Social Security tax exempts the portion of wage and salary incomes above $45,000 a year and all income from interest, dividends and rent. The result: according to a Congressional Budget Office study, only the top 10% of the population received a significant...
...loans; another would require employers to buy health insurance for 22 million workers who have none. Bush, too, has seen the need to cater to the middle class. Last week he announced a plan that would allow savers to deposit $1,000 a year in accounts that would pay tax-deferred interest. Dukakis responded by waving a crumpled $20 bill to represent the amount an average family could benefit in one year...
...Research on Poverty, warns against anything other than closely targeted approaches to the problems of the poor: "In the 1970s I would have said we should have a guaranteed annual income. I don't say that now. We have learned that blunt instruments don't work." Making the income tax system more progressive would seem an obvious step, but economists warn that it has its limits. Says Gary Burtless of the Brookings Institution: "There are estimates suggesting that if we raise tax rates on people making more than $40,000, they will actually work harder. Unfortunately, they will probably also...
...most sensible, though politically explosive, step would be to tax Social Security payments like ordinary income, as is done with private pensions. The low-income elderly would still be lightly taxed; those with higher incomes would pay enough more to provide money that could be used to invest in basic medical care for children and to provide larger earned-income tax credits for the working poor who receive few welfare benefits. When the time comes to increase taxes to balance the budget -- and come it will, however much politicians shrink in horror from the "T" word -- consideration must be given...
Thanks to the U.S. Government, some children may soon be finding out what the letters IRS mean even before they learn their ABCs. Having processed most of the 1987 returns, the Internal Revenue Service says the 1986 tax-reform bill should have added many tots to the tax rolls and increased the amount that others have to pay. Under the new rules, a child cannot claim a personal exemption on his return if his parents list him as a dependent on their form. In addition, children under 14 who have unearned income greater than $500 must now pay at least...