Word: taxingly
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Dates: during 1990-1999
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...large part the growth is due to resurgent generosity among the ultrarich, whose pockets have fattened the most during the decade's boom. A survey released last month by U.S. Trust found that the wealthiest 1% of Americans say they gave away an average of 8% of their after-tax income in 1997, up from 5% in 1993. Says Paul Schervish, a philanthropy expert at Boston College: "A sleeping giant is awakening...
...fundamentally unfair," said Gov. Mike Leavitt (R-Utah), the lead governor on the issue, "that Main Street retailers should be required to collect a sales tax while Internet and mail order vendors can sell the same goods and not be required to collect a sales tax...
...while they wait, mail order and Internet sales increase. No solution to the out-of-state tax issue could result in the collapse of the state and local sales taxes and therefore the services they support. The result could be higher property taxes and a federal system of sales tax, and that will mean, according to Leavitt, "a massive shift in power from the local government to Washington...
First the good news: More Americans than ever -- 48 million, most earning less than $20,000 a year -- are expected to pay no federal income taxes in 1998, largely due to new tax breaks such as the $400-a-child tax credit. Now the bad news: Americans with incomes above $40,000 will wind up paying 96 percent of federal income taxes, a greater share of the tax burden than ever before...
...latest statistics from the Joint Committee on Taxation confirm what has been a long and disturbing trend. "The burden on the middle class has always been outsize," says TIME columnist Daniel Kadlec. "The last tax reform law simply did not include enough people." While it's good that low-income households are benefiting from tax breaks, Congress has failed to consider that married cops and schoolteachers, in households where both spouses work, can now jointly earn $100,000 a year. "But in big cities like New York or Chicago, that hardly makes them rich," says Kadlec...