Word: taxingly
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Dates: during 1990-1999
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...stock-in-trade since 1984, when he and his late partner Steve Rubell (whose family today runs its own hotels in Miami) opened Morgans in midtown Manhattan. It was both a professional and a personal reclamation project. The two spent slightly more than a year in prison for tax evasion following the collapse of their disco empire; soon after, they ventured into a more respectable branch of the hospitality industry. "People expected to see go-go dancers in the lobby," cracks Schrager, who is married with two young daughters. Yet Morgans was a quiet refuge from the city's hustle...
...come? The Federal Reserve figures that the stated interest rate on home-equity loans averages 9.5%, only half the usual credit-card rate. Even more important, the interest on a home-equity loan can usually be deducted on the borrower's tax return. In some cases, these tax savings can bring the effective interest rate below 5%. Now, that's a deal...
...last deals to survive the 1986 tax reform, which snuffed out breaks on a wide range of consumer loans. The reform left home-equity loans in a virtual monopoly position that has in turn ignited a lending boom. By next year the total of outstanding home-equity loans--after subtracting repayments--is expected to hit $500 billion, vs. $34 billion in 1988. New borrowings have gone as high as $268 billion a year...
...just swung a $13,000, 9.5% home-equity loan. She used it to pay off $6,100 of credit-card borrowings on which she was being charged 22% interest, and a $6,900 loan at 18% for a vacation time share. Her saving: $150 in monthly payments, plus a tax reduction she has yet to calculate...
Multipurpose. Harold Halpern, an Atlanta tax accountant, has used home-equity loans to buy, among other things, an Isuzu Trooper, a vacation home and an adjacent lot. Currently, he is drawing on a $60,000 line of credit to finance his highly seasonal business, which gets nearly all its revenue during spring tax-preparation time but must pay bills year-round...