Word: taxingly
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Dates: during 1990-1999
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More significantly, tax returns showing wages in three income groups ($30,000 to $50,000, $50,000 to $75,000 and $75,000 to $100,000) went up at a faster pace in the 1989-92 period than in the post-Intel era. Only two income groups increased faster in the later years: those at the bottom, with earnings of less than $30,000; and those at the top, with earnings in excess...
Even more telling is the jump in the number of federal tax returns from New Mexico claiming the earned income tax credit. That is the credit intended to supplement the income of the working poor. Between 1989 and 1992, the number of such returns went up 14%, from 112,334 to 127,900. But between 1993 and 1996, it climbed twice as fast, shooting up 31%, from...
...although Intel is one of the largest corporate income taxpayers in the state, it has fared well in recent years. Documents filed with the U.S. Securities and Exchange Commission show that in 1991, Intel paid corporate income taxes to state governments at an effective rate of 8.6%. By 1997, while the company's taxable income had spiraled upward 1,097%, its overall state tax rate had dropped...
...those numbers in more personal terms. Suppose in 1991 you had a household income of $30,000. If your income had gone up at the same rate as Intel's, by 1997 you would have earned $359,100. Yet you would have saved $13,600 in state taxes. And you would owe it to the clout you exercise: the ability to demand and receive special tax treatment...
...Steele came to Time Inc. 18 months ago from the Philadelphia Inquirer, where, over 26 years, they earned their reputations as America's finest investigative reporters. Along the way they garnered almost every major journalistic prize, including two Pulitzers--for stories on auditing practices of the IRS and special tax breaks engineered by Congress--two Loeb awards for business reporting and four George Polk awards...